# In the matter of JVL Agro Private Limited

> NCLT judgment dated 2023-08-09. Citation: TCN-2023-NCLT-02108. The application was filed by M/s BRS Refiners under section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Aug 2023
- **Citation:** TCN-2023-NCLT-02108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jvl-agro-private-limited-2e839d79

## Summary

### Background

The application was filed by M/s BRS Refiners under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to restrain the respondent (Liquidator of JVL Agro Industries Limited) from forfeiting the Earnest Money Deposit (EMD) of Rs. 96,00,000/- related to an E-Auction of Block A assets of JVL Agro Industries Limited. The applicant also sought directions for the respondent to refund the EMD amount along with compensation/damages due to non-issuance of a sale certificate. The applicant was the successful bidder for the auctioned edible oil of the Corporate Debtor, JVL Agro Private Limited. The liquidator was appointed after the Tribunal ordered liquidation for the CD based on the report of the COC. The applicant requested cancellation of the

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## Facts

M/s BRS Refineries (Applicant) filed an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Mr. Supriyo Kumar Chaudhari, the Liquidator of JVL Agro Industries Limited (Respondent). The applicant sought to restrain the respondent from forfeiting the EMD of Rs. 96,00,000/- related to an E-Auction of Block A assets of JVL Agro Industries Limited and to refund the EMD with compensation. The Tribunal vide order dated 19.08.2020 ordered liquidation for the CD based on the report of the COC and appointed Mr. Supriyo Kumar Chaudhary as the Liquidator. The liquidator issued a public Notice dated 04.03.2022 for sale of Stand-Alone assets of the CD for E-Auction. The applicant was announced as the successful bidder on 07.4.2022. The applicant

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## Issues and analysis

### Issue 1: Whether the applicant is entitled to claim …

**Ratio:** The principle derived from Westcoast Infraprojects Pvt. Ltd. Vs. Mr. Ram Chandra Dallaram

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**Reasoning:** The Tribunal considered the judgements and was of the opinion that the applicant is not

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**Interpretation:** This interpretation clarifies that in auctions conducted under the IBC

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**Application:** In this case, the applicant sought compensation for the loss incurred due to

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** M/s BRS Ref…
- **Respondents:** JVL Agro Private…; Supriyo Kumar…

## Timeline

- **2020-08-19 — Liquidation…**: Tribunal ordered liquidation for the…
- **2022-03-04 — Public Notice for…**: Liquidator issued a public Notice for sale of…

## 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)

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