# In the matter of Super Agri Seeds Private Limited CP (IB) 172-10-HDB-2017

> NCLT judgment dated 2018-03-21. Citation: TCN-2018-NCLT-01665. The case involves a Company Petition filed by M/s Super Agri Seeds Private Limited under…

- **Court:** NCLT
- **Order date:** 21 Mar 2018
- **Citation:** TCN-2018-NCLT-01665
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/super-agri-seeds-private-limited-cp-ib-172-10-hdb-2017-12f65e90

## Summary

### Background

The case involves a Company Petition filed by M/s Super Agri Seeds Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company faced financial difficulties and was unable to repay its debts to various creditors, including State Bank of India (SBI), RBL Bank Ltd, and ICICI Bank Limited. SBI initiated SARFAESI proceedings and e-auctioned the company's properties due to non-payment of dues. Aggrieved by the e-auction, the Petitioner filed the present Company Petition to initiate CIRP.

## Facts

M/s Super Agri Seeds Private Limited filed a Company Petition under Section 10 of IBC, 2016, seeking to initiate CIRP. The company was incorporated on 6th October 2003. The company had taken various loans from SBI, RBL Bank Ltd, and ICICI Bank Limited. The total outstanding amount was Rs. 46,38,03,629/- due to SBI. SBI initiated SARFAESI proceedings and e-auctioned the company's properties. The case was admitted on 06.09.2017, and Shri Venkateshwarlu Kari was appointed as Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from the creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held. The CoC decided not to seek any extension of time beyond the 180-day period for CIRP. The Resolution

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33 of the IBC, 2016, given the …

**Ratio:** Section 33(1) of the IBC, 2016, states that where the Adjudicating Authority does not

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**Reasoning:** The Committee of Creditors unanimously resolved in favor of liquidation of the corporate

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**Interpretation:** Section 33(1) of the IBC mandates liquidation when no resolution plan is

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**Application:** In this case, since no viable resolution plan was received and the Committee of

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## Parties

- **Judges:** Rajeswara Rao…
- **Respondents:** M/s Super Agri…; State Bank of…

## Timeline

- **2003-10-06 — Company Incor…**: M/s Super Agri Seeds Private…
- **2017-08-30 — Hearing…**: Case listed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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