# 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-00039. 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-00039
- **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-2019-3b2d3f49

## 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 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 applicant became the Resolution

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## Facts

M/s Janki Prasad & Company is the operational creditor who initiated the Corporate Insolvency Resolution Process (CIRP) against M/s Sunder Agromills Pvt. Ltd., the corporate debtor. The CIRP was initiated due to unpaid operational debt. The CIRP application was admitted on 2019-08-21. Initially, Mr. Pankaj Khetan was appointed as the Interim Resolution Professional (IRP), and later another applicant was appointed as the Resolution Professional (RP). The corporate debtor had limited assets: a computer, a car, and an AC. The car's value depreciated. After publishing Form-G, several Expressions of Interest (EoIs) were received, but none of the parties deposited the earnest money. Transaction and forensic audits revealed additional assets: gold worth Rs. 1.14 lacs,

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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 liquidation of

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**Reasoning:** The Adjudicating Authority considered the financial status of the corporate debtor, the

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation. However, the

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**Application:** Given the limited assets, high liquidation costs, and the stakeholders'

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## Parties

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

## Timeline

- **2019-08-21 — CIRP Applicatio…**: The application for initiating Corporate Insolvency Resolution Process (CIRP) against the…
- **2020-02-17 — CIRP Period…**: 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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