# In the matter of Mahakal Agro Storage & Processing Unit Pvt. Ltd.

> NCLT judgment dated 2023-08-24. Citation: TCN-2023-NCLT-01944. The case involves an application filed by Mr. Anil Anchalia, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 24 Aug 2023
- **Citation:** TCN-2023-NCLT-01944
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mahakal-agro-storage-processing-unit-pvt-ltd-a044d4ea

## Summary

### Background

The case involves an application filed by Mr. Anil Anchalia, the Interim Resolution Professional (IRP) of Mahakal Agro Storage & Processing Unit Private Limited, under Section 19(2) of the Insolvency and Bankruptcy Code, 2016, read with regulation 30 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Another application, I.A.(I.B.C.)/359/KB/2023, was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional of the Corporate Debtor, seeking liquidation, which was admitted on 07.08.2023.

## Facts

Indian Overseas Bank is the Financial Creditor. Mahakal Agro Storage & Processing Unit Private Limited is the Corporate Debtor. Mr. Anil Anchalia is the Interim Resolution Professional (IRP) and Applicant. Manas Sarkar & Anr. are the Respondents. The IRP filed an application under Section 19(2) of the Insolvency and Bankruptcy Code, 2016. Subsequently, another application, I.A.(I.B.C.)/359/KB/2023, was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional of the Corporate Debtor, praying for liquidation. The liquidation application was admitted on 07.08.2023. The court then considered the initial application filed by the IRP.

## Issues and analysis

### Issue 1: Whether I.A.(I.B.C) No. 570/KB/2022, filed under Section 19(2) of the Insolvency and Bankruptcy …

**Ratio:** When a subsequent event renders the original application without purpose or effect, the

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**Reasoning:** The court reasoned that since the liquidation application filed under Section 33(2) of

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**Interpretation:** The interpretation is that once a liquidation process is initiated and

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**Application:** In this case, the admission of the liquidation application meant that the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Anil Anc…
- **Respondents:** Mahakal Agro…; Mahakal Agro…; +1 more

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2019-01-01 — CP (IB) No. 128…**: CP (IB) No. 1285/KB/2019…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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