# In the matter of Cane Agro Energy (India) Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00024. The case involves an application (I.A. No. 1621 of 2021) filed by Anil Goel, the liquidator of…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cane-agro-energy-india-limited-442ea575

## Summary

### Background

The case involves an application (I.A. No. 1621 of 2021) filed by Anil Goel, the liquidator of Rotomac Global Private Limited, seeking directions against Ritesh R. Mahajan, the Interim Resolution Professional (IRP) of Cane Agro Energy (India) Limited. The applicant sought to be recognized as a Financial Creditor in the Corporate Insolvency Resolution Process (CIRP) of Cane Agro Energy and be included in the Committee of Creditors (COC). The applicant claimed that Rotomac Global Private Limited had advanced a sum of Rs. 28,13,97,644/- to Cane Agro Energy for the supply of sugar. The IRP rejected the claim, leading to the current application.

## Facts

Rotomac Global Private Limited (in liquidation), through its liquidator Anil Goel, filed a claim as a Financial Creditor in the CIRP of Cane Agro Energy (India) Limited, initiated on 30.04.2021. The claim was based on an advance of Rs. 28,13,97,644/- given by Rotomac Global Private Limited to Cane Agro Energy for the supply of sugar, evidenced by a Memorandum of Understanding (MOU) dated 11.06.2013. The MOU stipulated that the advance was in consideration for the purchase of sugar, and Cane Agro Energy issued post-dated cheques as security and provided a performance guarantee of Rs. 74.80 Lakh against the interest amount. Cane Agro Energy defaulted on the supply of sugar, and the post-dated cheques were dishonored. Rotomac Global Private Limited had previously

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## Issues and analysis

### Issue 1: Whether the advance payment made by Rotomac Global Private Limited to Cane Agro Energy for the …

**Ratio:** Advance payments made to a corporate debtor for the supply of goods or services are

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**Reasoning:** The court relied on the Supreme Court's judgment in M/s Consolidated Construction V/s M/s

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**Interpretation:** The interpretation of 'financial debt' versus 'operational debt' hinges on the

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**Application:** In this case, the advance payment was made specifically for the supply of

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Anil…
- **Respondents:** Cane Agro Energy…; M/s Cane Agro…
- **Advocates:** Amit Tu…

## Timeline

- **2013-06-11 — MOU Exec…**: Rotomac Global Private Limited and Cane Agro Energy (India) Limited entered into a…
- **2017-09-12 — Settlement Ag…**: Parties reached a settlement agreement in a prior CIRP initiated by Rotomac Global…

## 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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