# In the matter of RICHI RICH AGRO FOODS PRIVATE LIMITED

> NCLT judgment dated 2026-02-19. Citation: TCN-2026-NCLT-00173. The application was filed by the Resolution Professional of Richi Rich Agro Foods Private…

- **Court:** NCLT
- **Order date:** 19 Feb 2026
- **Citation:** TCN-2026-NCLT-00173
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/richi-rich-agro-foods-private-limited-d7997359

## Summary

### Background

The application was filed by the Resolution Professional of Richi Rich Agro Foods Private Limited under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, for the initiation of liquidation of the Corporate Debtor.

## Facts

An application under Section 7 of the IBC was filed by State Bank of India and admitted on 01.08.2023.

Mr. Sumat Kumar Gupta was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.

The Committee of Creditors (CoC) comprised a sole Financial Creditor, State Bank of India, with 100% voting share.

The CoC rejected the resolution plan with 100% voting share and resolved to liquidate the Corporate Debtor.

The RP filed an affidavit stating the last audited balance sheet of the Corporate Debtor for the year ending 31.03.2015.

The Adjudicating Authority directed the Corporate Debtor to be liquidated and appointed Mr. Deepak Thukral as the liquidator.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated after the rejection of the resolution plan by the …

**Ratio:** Section 33 of the Code allows for the liquidation of the Corporate Debtor if no viable

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**Reasoning:** The CoC, after due deliberation and with unanimous voting share, rejected the resolution

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**Interpretation:** The Adjudicating Authority interpreted Section 33 to allow for liquidation in

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**Application:** The Adjudicating Authority directed the Corporate Debtor to be liquidated as

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Sumat Kumar…
- **Respondents:** Richi Rich Agro…
- **Other parties:** State Bank of…; Deepak Th…
- **Advocates:** Harsh…; Ramneek…; +2 more

## Timeline

- **01.08.2023 — Admission of Ap…**: Application under Section 7 of the Code…
- **29.08.2023 — First CoC M…**: The Interim Resolution Professional was confirmed as the Resolution Professional in the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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