# 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-03359. 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-03359
- **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-2019-59ce86c7

## 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 was based on a resolution passed by the Committee of Creditors (CoC) in its 7th meeting. The Corporate Insolvency Resolution Process (CIRP) had been initiated, and the applicant was appointed as IRP and subsequently as RP. Public announcement was made, and a CoC was formed with the sole Financial Creditor. Expression of Interest was invited, but no resolution plan was received.

## Facts

Govindparva Agro Products Private Limited underwent Corporate Insolvency Resolution Process (CIRP). Mr. Vinit Gangwal was appointed as the Resolution Professional (RP). The CIRP involved seven meetings of the Committee of Creditors (CoC). A public announcement was made inviting claims, and the Financial Creditor/Original Petitioner filed a claim on 2022-07-14. The CoC was formed with the sole Financial Creditor. Expression of Interest was invited for resolution plans, and two expressions were received. However, no resolution plan was submitted. The deadline for submission was 2022-12-19. The PRA requested an extension, which was approved. The CoC, in its 7th meeting on 2022-03-18, passed a resolution for liquidation with 100% voting share. The Tribunal admitted the

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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 Tribunal considered the application and the averments made, noting that no resolution

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**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** In this case, the CIRP failed, and the CoC resolved to liquidate. Therefore,

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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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