# In the matter of Sahyadri Agro Industries and Foods Pvt. Ltd. I.A. No. 362 of 2020 in C.P. No. 4324-IB-2018

> NCLT judgment dated 2020-12-15. Citation: TCN-2020-NCLT-00087. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 15 Dec 2020
- **Citation:** TCN-2020-NCLT-00087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sahyadri-agro-industries-and-foods-pvt-ltd-ia-no-362-of-2020-in-cp-no-4324-ib-20-70c13d9e

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Sahyadri Agro Industries & Foods Private Limited, due to the absence of a resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by the Financial Creditor, Bank of India, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Ankur Kumar was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite efforts to invite resolution plans, including multiple publications of Form G and extensions of the CIRP period, no viable resolution plan was received. The Committee of Creditors (CoC) ultimately resolved to liquidate the

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## Facts

The Financial Creditor, Bank of India, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Sahyadri Agro Industries & Foods Private Limited. Mr. Ankur Kumar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims, with the last date for submission being 04.02.2019. Several attempts were made to solicit resolution plans, including publishing Form G in various newspapers and on the IBBI website. The CIRP period was extended, but no viable resolution plan was received. The Committee of Creditors (CoC) ultimately resolved to liquidate the company in its

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Sahyadri Agro Industries & …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The court reasoned that the RP had complied with the procedures laid down under the Code

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**Interpretation:** Section 33(1) of the IBC is interpreted to mean that if all efforts to find a

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**Application:** In this case, the RP made several attempts to solicit resolution plans, but

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Bank of…
- **Respondents:** Sahyadri Agro…

## Timeline

- **2019-01-21 — Initiation…**: The Adjudicating Authority passed an order initiating the Corporate Insolvency Resolution…
- **2019-01-26 — Public Annou…**: Public announcement was made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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