# In the matter of Govindparva Agro Products Private Limited IA. No. 1389-2023 in CP(IB)No. 885-MB-2019

> NCLT judgment dated 2023-05-15. Citation: TCN-2023-NCLT-03367. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 May 2023
- **Citation:** TCN-2023-NCLT-03367
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/govindparva-agro-products-private-limited-ia-no-1389-2023-in-cpibno-885-mb-2019-581e589d

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by Mr. Vinit Gangwal, the Resolution Professional (RP) of Govindparva Agro Products Private Limited, seeking a liquidation order and his appointment as liquidator. The application is based on a resolution passed by the Committee of Creditors (CoC) in its 7th meeting. The Corporate Insolvency Resolution Process (CIRP) was initiated, and the Applicant was appointed as IRP and subsequently as RP. Public announcement was made, and the Financial Creditor filed its claim. The CoC was formed with the sole Financial Creditor. Expression of Interest was invited, and two expressions were received. However, no resolution plan was received, leading to the CoC's decision for

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## Facts

Govindparva Agro Products Private Limited underwent Corporate Insolvency Resolution Process (CIRP). Mr. Vinit Gangwal was appointed as the Resolution Professional (RP). The CIRP was initiated, and a public announcement was made to invite claims from creditors. The Solapur Dist. Central Co. Op. Bank Limited, the Financial Creditor/Original Petitioner, filed its claim. The Committee of Creditors (CoC) was formed with the sole Financial Creditor. Expression of Interest was invited for submission of Resolution Plans, and two expressions were received. However, no Resolution Plan was received. The CoC, in its 7th meeting held on 18.03.2023, passed a resolution for Liquidation of the Corporate Debtor with 100% voting share. The RP then filed an application under Section

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## Issues and analysis

### Issue 1: Whether the application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court considered the fact that no resolution plan was received despite inviting

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** Since no resolution plan was received and the CoC approved liquidation, the

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## Parties

- **Judges:** Shyam Babu…; Kuldip Kumar…
- **Appellants:** Vinit Gangw…
- **Respondents:** Govindparva Agro…; The Solapur Dist.…
- **Advocates:** Raghunath…

## Timeline

- **2019-01-01 — CP(IB)No. 885…**: Filing of CP(IB)No.…
- **2022-07-01 — Admission of Ap…**: The Tribunal admitted the…

## 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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