# In the matter of Gonglu Agro Private Limited

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01695. The case involves an application filed by the Resolution Professional (RP) of M/s. Gonglu Agro…

- **Court:** NCLT
- **Order date:** 12 Sept 2023
- **Citation:** TCN-2023-NCLT-01695
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gonglu-agro-private-limited-b5a3ce57

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of M/s. Gonglu Agro Private Limited under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 30.05.2022. The RP was appointed as the Interim Resolution Professional. Several CoC meetings were held, and resolution plans were considered but ultimately rejected. The CIRP period was extended multiple times. The Corporate Debtor is a subsidiary of M/s. Capricorn Food Products India Limited. An objection was raised regarding land belonging to the Corporate Debtor being utilized by Gonglu Agro Private Limited.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s. Gonglu Agro Private Limited was initiated on 30.05.2022. Lalit Kumar Dangi was appointed as the Resolution Professional (RP). The RP filed an application seeking liquidation under Section 33(1)(a) of the IBC. Several CoC meetings were held. The first CoC meeting was on 29.06.2022. The 10th CoC meeting was held on 18.01.2023, where the resolution plan submitted by Consortium of Maa Kudargarhi Steels Private Limited and BM Foods was rejected. The 11th meeting was held on 14.02.2023, where a fresh invitation for Expression of Interest was decided. The 180-day CIRP period ended on 26.11.2022, and an extension was sought. The CIRP period was extended till 13.03.2023. The 330-day CIRP period ended on 12.05.2023. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation under …

**Ratio:** Section 33(1)(a) of the IBC allows for liquidation if a resolution plan is not approved

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**Reasoning:** The Tribunal considered the fact that the CIRP period had expired and previous resolution

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**Interpretation:** Section 33(1)(a) provides the legal basis for initiating liquidation

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**Application:** The Tribunal initially considered liquidation due to the expired CIRP period

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Lalit Kumar…
- **Respondents:** Gonglu Agro…
- **Advocates:** Pawan Jh…

## Timeline

- **2022-05-30 — CIRP Init…**: Corporate Insolvency Resolution Process ('CIRP') in respect of Corporate Debtor was…
- **2022-06-29 — First CoC M…**: The 1st CoC meeting was held wherein the Applicant was confirmed to act as the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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