# In the matter of GHO Agro Pvt. Ltd. IA(IBC)-1477(CHE)2022 in CP(IB)-481(CHE)2020

> NCLT judgment dated 2023-01-03. Citation: TCN-2023-NCLT-05228. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 Jan 2023
- **Citation:** TCN-2023-NCLT-05228
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gho-agro-pvt-ltd-iaibc-1477che2022-in-cpib-481che2020-18c01a2e

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the liquidation of the Corporate Debtor, GHO Agro Private Limited. The Corporate Insolvency Resolution Process (CIRP) commenced on 01.11.2021, pursuant to an application filed by the Financial Creditor, Punjab National Bank, under Section 7 of IBC, 2016. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor, and the Resolution Professional (RP), Jayashree S Iyer, was appointed as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) commenced against GHO Agro Private Limited on 01.11.2021, based on an application by Punjab National Bank under Section 7 of the IBC, 2016. Mr. L.K. Sivaramakrishnan was initially appointed as the Interim Resolution Professional, followed by the appointment of Jayashree S Iyer as the Resolution Professional on 14.03.2022. Thirteen CoC meetings were held, during which a resolution plan presented by Indrayani Biotech Limited was discussed. However, the CoC voted against the resolution plan with a 99.36% majority on 08.11.2022. In the 13th CoC meeting on 15.11.2022, a 76.23% majority resolved to liquidate the company. The CIRP period was extended until 25.11.2022. The voting results show that Punjab National Bank held

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the IBC, …

**Ratio:** Section 33(2) of the IBC, 2016, allows for the liquidation of the Corporate Debtor if the

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**Reasoning:** The CoC, with a majority vote, resolved to liquidate the Corporate Debtor. The Tribunal

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**Interpretation:** Section 33(2) of the IBC grants the CoC the power to decide on the liquidation

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**Application:** The CoC voted in favor of liquidation; therefore, the application for

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## Parties

- **Judges:** T Krishna…; SAMEER…
- **Appellants:** JAYASHREE…
- **Respondents:** GHO Agro Pv…

## Timeline

- **2021-11-01 — CIRP Commen…**: CIRP commenced vide order dated 01.11.2021 passed in CP/IBA/481/2020 pursuant to an…
- **2021-11-04 — Public Annou…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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