# In the matter of Progress Cultivation Limited IA (IB) No. 1257-KB-2022 in CP (IB) No. 249-KB-2019

> NCLT judgment dated 2022-12-01. Citation: TCN-2022-NCLT-00269. The case involves an application filed by the Resolution Professional (RP) of Progress…

- **Court:** NCLT
- **Order date:** 1 Dec 2022
- **Citation:** TCN-2022-NCLT-00269
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/progress-cultivation-limited-ia-ib-no-1257-kb-2022-in-cp-ib-no-249-kb-2019-158859e6

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Progress Cultivation Limited, with the approval of the Committee of Creditors (CoC), seeking liquidation of the Corporate Debtor. The CoC decided to liquidate the Corporate Debtor with 100% votes. The Adjudicating Authority had previously initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on a petition filed by Dena Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Pankaj Kumar Kedia was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcement was made to invite claims from creditors. The RP also filed an application under section 66 for avoidance of fraudulent

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## Facts

Dena Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Progress Cultivation Limited. Pankaj Kumar Kedia was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, with the last date for submission being 26.05.2022. Only one claim was received, from PNB Bank, making it the sole member of the Committee of Creditors (CoC). The CoC, in its 4th meeting held on 25th July 2022, approved the Form G for inviting Expression of Interest (EOI) from prospective resolution applicants. Despite receiving inquiries from Jindal Steel

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(2) of the Code allows the Adjudicating Authority to pass an order for

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with 100% votes. No resolution

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC decides that

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**Application:** The CoC's decision to liquidate the Corporate Debtor with 100% votes, coupled

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Progress Cultivati…

## Timeline

- **2022-05-12 — Order for CIRP…**: Adjudicating Authority directed initiation of CIRP against the Corporate Debtor based on…
- **2022-05-15 — Public Annou…**: Public announcement made in Financial Express and Ekdin newspapers to invite claims from…

## 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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