# In the matter of Basukinath Agro Private Limited IA (IB) No. 949-KB-2022 in CP (IB) No. 835-KB-2018

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-02609. The case involves an application under section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-02609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/basukinath-agro-private-limited-ia-ib-no-949-kb-2022-in-cp-ib-no-835-kb-2018-1e9fd5e9

## Summary

### Background

The case involves an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with rule 11 of the National Company Law Tribunal Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) of Basukinath Agro Private Limited was initiated based on a Company Petition filed under section 9 by Poddar Business Private Limited, the Operational Creditor. Parag Chakrabarti was appointed as the Interim Resolution Professional (IRP).

## Facts

Poddar Business Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Basukinath Agro Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. Parag Chakrabarti was appointed as the Interim Resolution Professional (IRP). The IRP published Form A and invited claims from creditors. The first meeting of the Committee of Creditors (CoC) was held on 02 December 2019. The Adjudicating Authority dismissed I.A. (IB) No. 1694/KB/2019, which was filed for dispensation of appointment of Registered Valuers and directed the IRP to appoint two valuers. Two Registered Valuers were appointed on 21 January 2020. The Forensic Auditor submitted the Final Report on 30 November 2020. The liquidity position of the Corporate Debtor worsened

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be dissolved given its lack of assets and the resolution passed …

**Ratio:** The principle applied is that if a corporate debtor has no assets and the CoC has

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**Reasoning:** The court reasoned that since the Corporate Debtor does not have any assets, it would be

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**Interpretation:** This interprets the IBC to allow for the dissolution of a corporate debtor when

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**Application:** Given the fact that the Corporate Debtor has no assets and the CoC has resolved

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Parag Chakr…
- **Respondents:** Basukinath Agro…; Suresh Kumar…

## Timeline

- **2019-11-05 — Initiation…**: Adjudicating Authority ordered initiation of Corporate Insolvency Resolution Process…
- **2019-11-11 — Publication o…**: The IRP published Form A and invited claims…

## 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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