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

> NCLT judgment dated 2023-08-24. Citation: TCN-2023-NCLT-01936. The case involves an application filed by Mr. Anil Anchalia, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 24 Aug 2023
- **Citation:** TCN-2023-NCLT-01936
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mahakal-agro-storage-processing-unit-pvt-ltd-a87c713f

## 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 of the Corporate Debtor, which was admitted on 07.08.2023.

## Facts

Indian Overseas Bank initiated insolvency proceedings against Mahakal Agro Storage & Processing Unit Private Limited under the Insolvency and Bankruptcy Code, 2016. Mr. Anil Anchalia was appointed as the Interim Resolution Professional (IRP). The IRP filed an application under Section 19(2) of the IBC. Later, the Resolution Professional filed another application under Section 33(2) of the IBC seeking liquidation of the Corporate Debtor. This liquidation application was admitted by the court on 07.08.2023. Manas Sarkar & Anr. are listed as respondents. The court then considered the initial application filed by the IRP.

## Issues and analysis

### Issue 1: Whether the application I.A.(I.B.C) No. 570/KB/2022 filed by the Interim Resolution Professional …

**Ratio:** When a subsequent application for liquidation of the Corporate Debtor is admitted, any

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**Reasoning:** The court reasoned that since the liquidation application had already been admitted, the

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**Interpretation:** Section 19(2) of the IBC pertains to the duties of the personnel of the

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**Application:** In this case, the court applied the principle that the admission of the

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Indian Overseas…
- **Respondents:** Mahakal Agro…; Manas Sarkar &…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2023-08-07 — Admission of Liquidation…**: The application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for…

## 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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