# In the matter of AGL Televentures Pvt. Ltd.

> NCLT judgment dated 2023-12-14. Citation: TCN-2023-NCLT-00250. The case involves an application (IA-4941/2022) filed in an ongoing Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 14 Dec 2023
- **Citation:** TCN-2023-NCLT-00250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/agl-televentures-pvt-ltd-4353f44e

## Summary

### Background

The case involves an application (IA-4941/2022) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against AGL Televentures Pvt. Ltd. The CIRP was initiated based on an application under Section 9 of the IBC, 2016, by Hind Tradex Limited (Operational Creditor). Vikky Dang was appointed as the Interim Resolution Professional (IRP). The primary issue arose because the lead bank in the Committee of Creditors (CoC), Jammu & Kashmir Bank, holding 96.58% voting share, decided to withdraw its claim. Furthermore, the Operational Creditor failed to deposit Rs. 2,00,000/- for the CIRP's smooth conduct. The IRP sought directions for withdrawal of the CIRP, discharge from duties, and payment of outstanding fees and expenses.

## Facts

Hind Tradex Limited, an operational creditor, initiated CIRP against AGL Televentures Pvt. Ltd. under Section 9 of IBC, 2016. Vikky Dang was appointed as the IRP. Jammu & Kashmir Bank, holding 96.58% of the voting share in the CoC, decided to withdraw its claim of Rs. 21.64 crores. Hind Tradex Limited failed to deposit Rs. 2,00,000/- as directed by the Adjudicating Authority for CIRP expenses. The IRP convened CoC meetings and made public announcements as required by the IBC. The CoC members abstained from E-voting and did not approve the IRP's appointment as Resolution Professional. The Corporate Debtor has no assets and insufficient funds to cover CIRP costs. The IRP sought directions for withdrawal of the CIRP, discharge from duties, and payment of outstanding

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## Issues and analysis

### Issue 1: Whether the Operational Creditor is liable to bear the IRP fees and expenses incurred in the CIRP …

**Ratio:** CIRP Regulation 33 provides that the applicant shall bear the expenses to be incurred by

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**Reasoning:** The Adjudicating Authority considered that the Operational Creditor initiated the CIRP

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**Interpretation:** The statutory construct of IBC places the responsibility for IRP expenses on

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**Application:** The Adjudicating Authority applied the principle to the present case, holding

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Respondents:** M/s. AGL Televentu…; M/s. Hind Tradex…

## Timeline

- **2022-06-09 — CIRP Init…**: Adjudicating Authority initiated…
- **2022-06-11 — Public Annou…**: IRP issued a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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