# 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-00048. 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-00048
- **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-2019-619f0b94

## 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

M/s Janki Prasad & Company is the operational creditor. M/s Sunder Agromills Pvt. Ltd. is the corporate debtor. Anil Kumar Mittal is the Resolution Professional. Saurabh Bansal is the suspended director of M/s Sunder Agromills Pvt. Ltd. The main IB petition no. 1175/ND/2019 was filed by the operational creditor for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, and it was allowed on 2019-08-21. Pankaj Khetan was appointed as IRP. The corporate debtor had limited assets: one Computer, one Car, and One AC. The car's value was reduced due to depreciation. After publishing Form-G, several entities (Prudent ARC, Durgesh Merchants, One Group, Galaxy Infra, Cimco Projects) expressed interest, but none deposited the Earnest Deposit.

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## Issues and analysis

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

**Ratio:** The ratio is based on Section 33 of the Insolvency and Bankruptcy Code, 2016, which

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**Reasoning:** The court reasoned that the liquidation costs would be higher than the asset value of the

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**Interpretation:** The interpretation involves assessing the financial viability of liquidation

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**Application:** Given the limited assets and the CoC's preference for dissolution, the court

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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 filed by the operational creditor for initiation of Corporate Insolvency…
- **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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