# In the matter of Hi Tech Grain Processing Pvt. Ltd. I.A. 5033-2020 in Company Petition No. (IB) - 2158 (ND) -2019

> NCLT judgment dated 2022-04-13. Citation: TCN-2022-NCLT-03264. The case pertains to an application filed by the Resolution Professional under Section 33(1) of…

- **Court:** NCLT
- **Order date:** 13 Apr 2022
- **Citation:** TCN-2022-NCLT-03264
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hi-tech-grain-processing-pvt-ltd-ia-5033-2020-in-company-petition-no-ib-2158-nd-6a7fd548

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. HI Tech Grain Processing Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application filed by Mr. Arun Kumar Goel, an Operational Creditor, under Section 9 of the Code. The application was admitted on 31.10.2019, and Mr. Amar Gopal Gambhir was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a Committee of Creditors (CoC) was constituted. The CoC later appointed Mr. Chanchal Dua as the Resolution Professional.

## Facts

Mr. Arun Kumar Goel, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. HI Tech Grain Processing Pvt. Ltd. The application was admitted on 31.10.2019, and CIRP was initiated. Mr. Amar Gopal Gambhir was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and creditors were invited to submit their claims. The Committee of Creditors (CoC) was constituted, and Mr. Chanchal Dua was appointed as the Resolution Professional. The CoC conducted several meetings to consider resolution plans. Valuers were appointed to assess the assets of the Corporate Debtor. Expression of Interest (Eol) was invited, and several

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s. Hi Tech Grain Processing …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that the CoC had rejected all submitted resolution plans due to

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**Interpretation:** Section 33(1) is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** In this case, the CoC's rejection of all resolution plans and the absence of

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. HEMANT…
- **Appellants:** ARUN KUMA…
- **Respondents:** HI TECH GRAIN…; M/s HI Tech Grain…

## Timeline

- **2019-10-31 — CIRP Init…**: Application filed by Mr. Arun Kumar Goel admitted, initiating CIRP against the Corporate…
- **2019-10-31 — Appointment…**: Mr. Amar Gopal Gambhir appointed as the…

## 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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