# In the matter of Advance Nath Agri Chemicals Pvt Ltd. IA 11 of 2022 In TP-100-2019 {CP(IB) 542 of 2018}

> NCLT judgment dated 2022-12-23. Citation: TCN-2022-NCLT-00047. The case involves an application filed by Mr. Sanjeev Chaudhary, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/advance-nath-agri-chemicals-pvt-ltd-ia-11-of-2022-in-tp-100-2019-cpib-542-of-201-0d15bd2c

## Summary

### Background

The case involves an application filed by Mr. Sanjeev Chaudhary, the Resolution Professional (RP) of M/s Advance Nath Agri Chemicals Private Limited, under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor based on an application filed by an operational creditor under Section 9 of the Code, which was admitted on 2020-12-15. The RP constituted a Committee of Creditors (COC) with two members: TCI Freight and Astec Lifesciences Limited. The COC discussed the withdrawal of the application based on a settlement request from the respondent. However, the corporate debtor failed to honor the settlement deed. The corporate debtor had

…

## Facts

Astec Lifescience Limited, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Advance Nath Agri Chemicals Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2020-12-15. Sanjeev Chaudhary was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, consisting of TCI Freight (0.210% voting rights) and Astec Lifesciences Limited (99.789% voting rights). In a meeting on 2021-02-16, the COC discussed a withdrawal of the application based on a settlement request from the respondent, but the settlement was not honored. The corporate debtor's last audited financial statements were for 2017-18. The RP was

…

## Issues and analysis

### Issue 1: Whether the corporate debtor, M/s Advance Nath Agri Chemicals Private Limited, should be put into …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

…

**Reasoning:** The COC, in its meeting dated 2021-09-16, resolved to liquidate the corporate debtor with

…

**Interpretation:** Section 33 provides the legal basis for liquidating a corporate debtor when the

…

**Application:** The court applied Section 33 to the facts of the case, noting the COC's

…

## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Astec Lifescience…
- **Respondents:** Advance Nath Agri…; Amit Teotia…
- **Advocates:** Soumya D…

## Timeline

- **2020-12-15 — CIRP Admi…**: The application under Section 9 of the Code filed by the operational creditor was…
- **2021-02-16 — COC Meet…**: The 1st meeting of the COC discussed the agenda about the withdrawal of application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/advance-nath-agri-chemicals-pvt-ltd-ia-11-of-2022-in-tp-100-2019-cpib-542-of-201-0d15bd2c