# In the matter of Hansraj Agrofresh Private Limited

> NCLT judgment dated 2023-07-06. Citation: TCN-2023-NCLT-02625. The Resolution Professional (RP) of the Corporate Debtor filed an application (IA No.398/2022)…

- **Court:** NCLT
- **Order date:** 6 Jul 2023
- **Citation:** TCN-2023-NCLT-02625
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hansraj-agrofresh-private-limited-1d15127d

## Summary

### Background

The Resolution Professional (RP) of the Corporate Debtor filed an application (IA No.398/2022) seeking directions to initiate liquidation proceedings under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The RP also sought appointment as the Liquidator and directions to invite a Scheme of Compromise and Arrangement under Section 230 of the Companies Act, 2013. The Committee of Creditors (CoC) resolved to sell the Corporate Debtor as a going concern in its 6th meeting. The Operational Creditor had previously filed an application under Section 9, which was admitted on 2022-01-31, leading to the appointment of an Interim Resolution Professional (IRP). Public announcements regarding the CIRP were made, inviting claims from creditors.

## Facts

M/S Manjushree Technopack Limited initiated proceedings against M/S Hansraj Agrofresh Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2022-01-31, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made to initiate the Corporate Insolvency Resolution Process (CIRP) and invite claims from creditors. The Resolution Professional (RP), Dev Vrat Rana, subsequently filed an application (IA No.398/2022) seeking directions to initiate liquidation proceedings under Section 33(2) of the Code. Despite multiple attempts to solicit resolution plans, including publishing Form G three times, no viable plan was received. The Committee of Creditors (CoC) decided in its 6th meeting on

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## Issues and analysis

### Issue 1: Whether the application (IA No.398/2022) filed by the Resolution Professional seeking directions to …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code empowers the Adjudicating Authority

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**Reasoning:** The Adjudicating Authority found that the Resolution Professional had made all possible

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

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**Application:** In this case, the CoC resolved to liquidate the Corporate Debtor with 100%

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Dev Vrat…
- **Respondents:** M/s Hansraj…; M/S MANJUSHREE…

## Timeline

- **2022-01-31 — Admission of Application…**: Application filed by the Operational Creditor under Section 9 of the IBC was admitted by…
- **2022-02-02 — Public Announcement of…**: Public announcement of the Corporate Insolvency Resolution Process (CIRP) of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230 — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

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