# In the matter of M M Agro Ventures Pvt. Ltd.

> NCLT judgment dated 2024-04-02. Citation: TCN-2024-NCLT-01870. The case involves an application filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Apr 2024
- **Citation:** TCN-2024-NCLT-01870
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-m-agro-ventures-pvt-ltd-07de501c

## Summary

### Background

The case involves an application filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, by the Liquidator of M.M Agro Venture Pvt Ltd, seeking the dissolution of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on March 18, 2021, and Mr. Sonu Jain was appointed as the Interim Resolution Professional, later confirmed as Resolution Professional. Subsequently, Smt. Sonu Jain was appointed as the Liquidator of the Corporate Debtor on May 5, 2022.

## Facts

Union Bank of India is the Financial Creditor. M.M Agro Venture Pvt Ltd is the Corporate Debtor. On March 18, 2021, the Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP). Mr. Sonu Jain was appointed as Interim Resolution Professional and later confirmed as Resolution Professional. On May 5, 2022, Smt. Sonu Jain was appointed as the Liquidator of the Corporate Debtor. The Liquidator made a public announcement on April 20, 2023, which was published in Morning India and Sanmarg. The auction was successfully held on September 14, 2023. The Liquidator made payments to the Financial Creditor on December 22, 2023 (Rs. 85,38,000), December 26, 2023 (Rs. 7,06,863), and January 2, 2024 (Rs. 20,00,000). The Liquidator

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## Issues and analysis

### Issue 1: Whether the application filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, allows the liquidator to apply

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**Reasoning:** The court considered the application filed by the Liquidator under Section 54(1) of the

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**Interpretation:** Section 54(1) provides a mechanism for formally dissolving a corporate debtor

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**Application:** The court applied Section 54(1) and Regulation 45(3) to the facts of the case,

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Union Bank of…
- **Respondents:** M.M AGRO VENTURE…

## Timeline

- **2021-03-18 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency…
- **2021-03-01 — Appointment…**: Mr. Sonu Jain was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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