# In the matter of Hydric Farms Inputs Ltd. I.A. 4432-2021 in Company Petition No. (IB) – 1374 (ND) -2019

> NCLT judgment dated 2022-06-09. Citation: TCN-2022-NCLT-02312. The case involves an application (I.A. 4432/2021) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-02312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hydric-farms-inputs-ltd-ia-4432-2021-in-company-petition-no-ib-1374-nd-2019-1a89cfb0

## Summary

### Background

The case involves an application (I.A. 4432/2021) filed by the Resolution Professional (RP) of Rohtas Projects Limited seeking intervention in the liquidation application (I.A 4955/2020) filed by the RP of Hydric Farms Inputs Ltd. (Corporate Debtor). The RP of Rohtas Projects Limited contends that certain transactions involving the Corporate Debtor and Rohtas Projects Limited were fraudulent and intended to defraud creditors, particularly real estate allottees of the 'Matrix Techno Square' project. The application seeks to maintain the status quo of the units in question, pending adjudication of I.A. 4680/2020, which seeks avoidance of these transactions.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Hydric Farms Inputs Ltd. based on an application filed by Corporation Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 20.11.2019. The Resolution Professional (RP) of Rohtas Projects Limited filed an application (I.A. 4432/2021) seeking intervention in the liquidation application (I.A 4955/2020) of Hydric Farms Inputs Ltd. The RP of Rohtas Projects Limited claimed that the ex-directors of both Rohtas Projects Limited and Hydric Farms Inputs Ltd. colluded to defraud creditors, particularly real estate allottees of the 'Matrix Techno Square' project. The alleged fraud involved creating forged board resolutions and transferring units to related entities.

…

## Issues and analysis

### Issue 1: Whether the Resolution Professional of Rohtas Projects Limited has the locus standi to intervene in …

**Ratio:** A corporate debtor is a separate legal entity, and a resolution professional cannot claim

…

**Reasoning:** The NCLT reasoned that Hydric Farms Inputs Ltd. is a separate legal entity, and the RP of

…

**Interpretation:** This issue concerns the legal standing of a party to intervene in a corporate

…

**Application:** The NCLT applied the principle of separate legal entity to conclude that the RP

…

## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Mukesh…
- **Respondents:** M/s. Hydric Farms…; M/S HYDRIC FARM…

## Timeline

- **2019-11-20 — CIRP Init…**: Tribunal admitted the application filed by Corporation Bank under Section 7 of IBC,…
- **2019-12-04 — Public Annou…**: IRP issued a public announcement in Form-A, published in Business Standard NCR & Lucknow…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hydric-farms-inputs-ltd-ia-4432-2021-in-company-petition-no-ib-1374-nd-2019-1a89cfb0