# In the matter of JVL Agro Industries Ltd. IA No.394-2022 in CP (IB) No.223-ALD-2018

> NCLT judgment dated 2023-06-01. Citation: TCN-2023-NCLT-03102. The case involves an application (IA No.394/2022) filed by a Successful Auction Purchaser…

- **Court:** NCLT
- **Order date:** 1 Jun 2023
- **Citation:** TCN-2023-NCLT-03102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jvl-agro-industries-ltd-ia-no394-2022-in-cp-ib-no223-ald-2018-dd7de6c9

## Summary

### Background

The case involves an application (IA No.394/2022) filed by a Successful Auction Purchaser seeking directions for the issuance of a sale certificate by the liquidator in the matter of corporate insolvency resolution process of Gokul Agro Resources Limited. Two other IAs (IA No.98/2022 and IA No.89/2022) were filed challenging the sale notice, one by an Employees Welfare Trust and another by the erstwhile director of the Corporate Debtor. The Tribunal had previously ordered the auction sale to proceed, subject to the outcome of the IA. The applicant deposited the entire bid amount of Rs. 107.35 crore.

## Facts

Gokul Agro Resources Limited is undergoing corporate insolvency resolution process. Standard Chartered Bank is the financial creditor. A sale notice was issued as part of the liquidation process. A Successful Auction Purchaser participated in the auction and deposited Rs. 107.35 crore. The Successful Auction Purchaser filed IA No.394/2022 seeking directions for the issuance of a sale certificate. Two other IAs, IA No.98/2022 (filed by an Employees Welfare Trust) and IA No.89/2022 (filed by the erstwhile director), challenged the sale notice. The Tribunal had passed an ad-interim order on April 4, 2022, requiring prior approval for issuing the sale certificate. The liquidator contended that the applicant had notice of this order through a Letter of Intent dated April

…

## Issues and analysis

### Issue 1: Whether the liquidator should be directed to issue the sale certificate to the Successful Auction …

**Ratio:** The ratio is that if the applicant has fulfilled all the requirements of the sale

…

**Reasoning:** The Tribunal reasoned that the applicant had completed all the requisite formalities and

…

**Interpretation:** This interprets the process of liquidation under the Insolvency and Bankruptcy

…

**Application:** The ratio and reasoning are applied to the specific facts of the case, where

…

## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Supriyo Kumar…
- **Respondents:** GOKUL AGRO…; LIQUIDATOR OR JVL…

## Timeline

- **2022-01-24 — Sale Notic…**: Sale notice challenged by Employees Welfare Trust (IA No.98/2022) and erstwhile director…
- **2022-04-04 — Tribunal…**: Tribunal passed an order for the auction sale to proceed as planned, subject to 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/jvl-agro-industries-ltd-ia-no394-2022-in-cp-ib-no223-ald-2018-dd7de6c9