# In the matter of Maruti Kesri Nandan Agrofoods Private Limited IA Nos. 294-2021 & 35-2022 In CP (IB) No. 167-Chd-Hry-2019

> NCLT judgment dated 2022-05-09. Citation: TCN-2022-NCLT-02819. The case involves IA Nos. 294/2021 and 35/2022 in CP (IB) No. 167/Chd/Hry/2019, concerning the…

- **Court:** NCLT
- **Order date:** 9 May 2022
- **Citation:** TCN-2022-NCLT-02819
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maruti-kesri-nandan-agrofoods-private-limited-ia-nos-294-2021-35-2022-in-cp-ib-n-edb8e0cc

## Summary

### Background

The case involves IA Nos. 294/2021 and 35/2022 in CP (IB) No. 167/Chd/Hry/2019, concerning the insolvency resolution of Maruti Kesri Nandan Agrofoods Private Limited. Punjab National Bank is the financial creditor. IA 294/2021 was filed by the Resolution Professional (RP), Ajay Kumar Jain, seeking liquidation of the corporate debtor following a decision by the Committee of Creditors (CoC). The CIRP commenced on 06.02.2020. The CoC, in its fifth meeting, resolved to file for liquidation. IA 35/2022 was filed by the RP for payment of fees pertaining to the lockdown period. The CoC initially fixed the RP's fee at Rs. 3,00,000. The RP sought additional fees for the period after the liquidation resolution.

## Facts

Punjab National Bank is the financial creditor to Maruti Kesri Nandan Agrofoods Private Limited, the corporate debtor. The CIRP commenced on 06.02.2020. Ajay Kumar Jain was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC), consisting solely of Punjab National Bank, resolved to liquidate the corporate debtor in its fifth meeting. The RP filed IA No. 294/2021 seeking liquidation under Section 33(2) of the IBC. The registered office of the corporate debtor is locked and sealed, with no available assets except an industrial plot. The RP also filed IA No. 35/2022 seeking payment of fees for the lockdown period, in addition to the initially approved CIRP fees of Rs. 3,00,000. The RP expressed unwillingness to act as liquidator. The CoC did not

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33 of the Insolvency and Bankruptcy Code, 2016 are satisfied …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order if

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**Reasoning:** The court observed that the CoC had resolved to liquidate the corporate debtor, and the

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the CoC had decided to liquidate the corporate debtor, and the RP

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Punjab National…
- **Respondents:** M/s Maruti Kesari…; Ajay Kumar Jain,…

## Timeline

- **2019-01-01 — CP (IB) No. 167/Chd/Hry/…**: Filing of Corporate Insolvency…
- **2020-02-06 — CIRP Commen…**: Commencement of the Corporate Insolvency Resolution Process (CIRP) for Maruti Kesri…

## 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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