# In the matter of Oasis Agro Infra Limited CA No. 242-2018 In CP (IB) No. 60-Chd-Pb-2017

> NCLT judgment dated 2018-07-18. Citation: TCN-2018-NCLT-01127. The case pertains to the insolvency resolution process of Oasis Agro Infra Limited. The…

- **Court:** NCLT
- **Order date:** 18 Jul 2018
- **Citation:** TCN-2018-NCLT-01127
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oasis-agro-infra-limited-ca-no-242-2018-in-cp-ib-no-60-chd-pb-2017-878842c2

## Summary

### Background

The case pertains to the insolvency resolution process of Oasis Agro Infra Limited. The petition was admitted on 2017-09-22, and a moratorium was declared. Vikram Bajaj was initially appointed as the Interim Resolution Professional, later replaced by Amandeep Singh. The corporate insolvency resolution process could not be completed within the stipulated 180 days, and an extension was granted until 2018-03-21. The corporate debtor was not an ongoing concern and had ceased business activities, including the plantation of Poplar trees and seasonal crops. Resolution plans were invited, but no viable proposals were received.

## Facts

Oasis Agro Infra Limited faced insolvency proceedings initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2017-09-22, and a moratorium was imposed. Vikram Bajaj was initially appointed as the Interim Resolution Professional, later replaced by Amandeep Singh. The corporate insolvency resolution process could not be completed within 180 days, leading to an extension until 2018-03-21. The company's business activities, involving Poplar tree and seasonal crop plantation on leased land, had ceased. Despite efforts, no resolution plans were received. The Committee of Creditors decided on 2018-06-15 that liquidation was the only viable option due to the absence of ongoing business. The Resolution Professional sought a

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 are met to …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, as amended, allows the

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**Reasoning:** The court reasoned that the Resolution Professional had informed that the corporate

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the Resolution Professional informed the Adjudicating Authority

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** Oasis Agro Infra…

## Timeline

- **2017-09-22 — Petition Ad…**: The petition was admitted, and…
- **2017-10-03 — Appointment of Interim…**: Vikram Bajaj was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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