# In the matter of Satnam Agri Products Limited CA No. 726-2019 In CP (IB) No.124ChdPb2018

> NCLT judgment dated 2019-11-01. Citation: TCN-2019-NCLT-00747. The case pertains to an application filed for the liquidation of M/s Satnam Agri Products…

- **Court:** NCLT
- **Order date:** 1 Nov 2019
- **Citation:** TCN-2019-NCLT-00747
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/satnam-agri-products-limited-ca-no-726-2019-in-cp-ib-no124chdpb2018-c260e189

## Summary

### Background

The case pertains to an application filed for the liquidation of M/s Satnam Agri Products Limited under Section 33(1) and (2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and several meetings of the Committee of Creditors (COC) were held. Despite efforts to find a resolution plan, none were received. The COC initially considered excluding time spent in litigation from the CIRP period but later decided against continuing with the CIRP and instead opted for liquidation. The mandated period under the Code had expired, leading to the decision to liquidate the corporate debtor.

## Facts

M/s Satnam Agri Products Limited underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. CP (IB) No.124/Chd/Pb/2018 was admitted, and a moratorium was declared. Mr. Yogender Pal Singhal was initially appointed as the Interim Resolution Professional, later replaced by Mr. Mahesh Bansal. Several meetings of the Committee of Creditors (COC) were conducted. The COC considered extending the CIRP period and excluding time spent in litigation. Despite these efforts, no resolution plan was received. In the 11th and final meeting, the COC resolved to liquidate the corporate debtor, as the mandated period had expired. The voting pattern of the COC members showed that 65.25% voted in favor of liquidation. The State Bank of India

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## Issues and analysis

### Issue 1: Whether the corporate debtor, M/s Satnam Agri Products Limited, should be liquidated under Section …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 mandates liquidation if no

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**Reasoning:** The court reasoned that since no resolution plan was received within the stipulated time

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**Interpretation:** Section 33(1)(a) is interpreted as a mandatory provision that comes into effect

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**Application:** In this case, the court applied Section 33(1)(a) because no resolution plan was

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Respondents:** M/s Satnam Agri…

## Timeline

- **2018-01-01 — CP (IB) No.124/Chd/Pb/20…**: CP (IB) No.124/Chd/Pb/2018 was…
- **2018-10-05 — Order Da…**: Order appointing Yogender Pal Singhal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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