# In the matter of Jaipur Scientific Agriculture Solution Pvt. Ltd.

> NCLT judgment dated 2023-12-15. Citation: TCN-2023-NCLT-00209. The application was filed under Section 33 and 34 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 15 Dec 2023
- **Citation:** TCN-2023-NCLT-00209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jaipur-scientific-agriculture-solution-pvt-ltd-c3fe0446

## Summary

### Background

The application was filed under Section 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking directions for the initiation of liquidation of the Corporate Debtor, M/s Jaipur Scientific Agriculture Solution Pvt. Ltd. The Adjudicating Authority admitted the application filed by the Operational Creditor, Mr. Sohan Lal, on 28.04.2022, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Sudhir Bhansali was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). During the CIRP, the Committee of Creditors (CoC) conducted meetings, but the resolution plan was not approved. The RP then filed the present application seeking liquidation of the Corporate Debtor.

## Facts

Mr. Sohan Lal, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Jaipur Scientific Agriculture Solution Pvt. Ltd. The application was admitted on 28.04.2022. Mr. Sudhir Bhansali was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). During the CIRP, the Committee of Creditors (CoC) conducted meetings. An Expression of Interest (EOI) was published, but only one EOI was received. The resolution plan received was not approved by the CoC, with only 14.79% voting in favor. The extension of the CIRP timeline was also not approved. The RP filed an application on 04.11.2022 seeking liquidation of the Corporate Debtor. The CoC did not approve the appointment of the RP as the

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(1) of the Code are satisfied for the liquidation of the …

**Ratio:** Section 33(1) of the IBC, 2016 states that where the Adjudicating Authority does not

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**Reasoning:** The court noted that the resolution plan was not approved by the CoC, and the CIRP period

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**Interpretation:** Section 33(1) provides a clear framework for initiating liquidation when the

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**Application:** Since no resolution plan was approved and the CIRP period concluded, the court

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Respondents:** M/S JAIPUR…; MR SOHA…

## Timeline

- **2022-04-28 — Admission of Ap…**: The Adjudicating Authority admitted the application filed by Mr. Sohan Lal, Operational…
- **2022-07-15 — 2nd Committee of…**: The 2nd Committee of Creditors (CoC) meeting was conducted where the Expression of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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