# In the matter of Sunder Agromills Pvt. Ltd. IA 769 & 4811-ND-2021 in IB No. 1175-ND-2019

> NCLT judgment dated 2021-12-23. Citation: TCN-2021-NCLT-00056. The case involves an application (IA 769/ND/2021) filed by the resolution professional to…

- **Court:** NCLT
- **Order date:** 23 Dec 2021
- **Citation:** TCN-2021-NCLT-00056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunder-agromills-pvt-ltd-ia-769-4811-nd-2021-in-ib-no-1175-nd-2019-3a602f76

## Summary

### Background

The case involves an application (IA 769/ND/2021) filed by the resolution professional to initiate liquidation proceedings for the corporate debtor, M/s Sunder Agromills Pvt. Ltd., under Section 33 of the Insolvency and Bankruptcy Code, 2016. Another application (IA 4811/ND/2021) was filed by the resolution professional for the dissolution of the same corporate debtor under Section 54 of the Code, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016. The main IB petition (1175/ND/2019) was filed by an operational creditor to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, which was allowed on 2019-08-21. Pankaj Khetan was initially appointed as the Interim Resolution Professional (IRP), and later the

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## Facts

The operational creditor initiated Corporate Insolvency Resolution Process (CIRP) against M/s Sunder Agromills Pvt. Ltd., the corporate debtor, which was admitted on 2019-08-21. Pankaj Khetan was appointed as IRP, followed by the appointment of the applicant as the Resolution Professional. The corporate debtor possessed limited assets, including a computer, a car, and an AC, with the car's value depreciated. Despite receiving Expressions of Interest (EoIs) after Form-G publication, none of the parties deposited the earnest money. Audits revealed additional assets like gold, silver, and inventory, which the suspended directors failed to hand over. The CIRP period expired on 2020-02-17 without an extension application. The Resolution Professional filed applications for

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

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

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**Reasoning:** The Adjudicating Authority noted that the corporate debtor has no assets to be liquidated

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**Interpretation:** Section 33(1) is interpreted to mean that liquidation is not feasible when the

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**Application:** Given the absence of assets and the high liquidation costs, the application for

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## Parties

- **Judges:** DHARMINDER…; Prasanta Kumar…
- **Appellants:** Anil kumar…
- **Respondents:** M/s Sunder…; Saurabh B…

## Timeline

- **2019-08-21 — CIRP Init…**: The application for initiating Corporate Insolvency Resolution Process (CIRP) against the…
- **2020-02-17 — CIRP Exp…**: The CIRP period expired, and no…

## Legal provisions

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

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