# In the mater of Chhatrapati Agro Food Manufacturing Company Ltd.

> NCLT judgment dated 2023-10-03. Citation: TCN-2023-NCLT-01429. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Chhatrapati Agro…

- **Court:** NCLT
- **Order date:** 3 Oct 2023
- **Citation:** TCN-2023-NCLT-01429
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-mater-of-chhatrapati-agro-food-manufacturing-company-ltd-4c66ac92

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Chhatrapati Agro Food Manufacturing Co Ltd. initiated by UCO Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was ordered on 07.11.2019. The applicant was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted. Despite multiple invitations for Expression of Interest (EoI) and extensions, no viable resolution plan was received. The CoC ultimately decided to initiate liquidation proceedings.

## Facts

UCO Bank initiated Corporate Insolvency Resolution Process (CIRP) against Chhatrapati Agro Food Manufacturing Co Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was ordered on 07.11.2019, and an Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, and a Committee of Creditors (CoC) was constituted. The RP issued multiple invitations for Expression of Interest (EoI) for resolution plans, with several extensions granted. Despite these efforts, no viable resolution plan was received. The CoC, in its 14th meeting on 25.05.2021, decided to initiate liquidation proceedings, which was approved with 100% voting share. The

…

## Issues and analysis

### Issue 1: Whether the Interlocutory Application filed by the Applicant seeking liquidation of the Corporate …

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

…

**Reasoning:** The court reasoned that since no resolution plans were received for consideration and the

…

**Interpretation:** Section 33(1) of the IBC provides a clear pathway for liquidation when the CIRP

…

**Application:** In this specific case, the RP had made extensive efforts to find a resolution

…

## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** UCO B…
- **Respondents:** Chhatrapati Agro…

## Timeline

- **2019-11-07 — CIRP Ord…**: Corporate Insolvency Resolution Process was…
- **2019-11-20 — Public Annou…**: Applicant issued public announcement on IBBI Website, for inviting claims from all the…

## 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/in-the-mater-of-chhatrapati-agro-food-manufacturing-company-ltd-4c66ac92