# In the matter of Sarda Agro Oils Limited I.A. No. 1323-2022 in C.P. (IB) No. 102-7-HDB-2019

> NCLT judgment dated 2023-01-09. Citation: TCN-2023-NCLT-05152. The case pertains to an Interlocutory Application filed by the Resolution Professional of M/S…

- **Court:** NCLT
- **Order date:** 9 Jan 2023
- **Citation:** TCN-2023-NCLT-05152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sarda-agro-oils-limited-ia-no-1323-2022-in-cp-ib-no-102-7-hdb-2019-a4ef878e

## Summary

### Background

The case pertains to an Interlocutory Application filed by the Resolution Professional of M/S Sarda Agro Oils Limited, seeking an order to liquidate the Corporate Debtor and appoint the Applicant as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 27.08.2019. The Applicant was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of Creditors (CoC). The CoC explored resolution plans, extended deadlines, and considered the impact of the COVID-19 pandemic. Ultimately, the CoC approved the liquidation of the Corporate Debtor with a 100% majority.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Sarda Agro Oils Limited on 27.08.2019. G. Madhusudan Rao was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) held several meetings to explore resolution plans, extending the deadlines for submission multiple times. Ten Expressions of Interest (EoIs) were received initially. The CIRP period was extended due to the COVID-19 pandemic and the introduction of Regulation 40C. Only two Resolution Plans were received, and the plan submitted by the suspended Board of the Corporate Debtor was rejected. The CoC, in its 10th meeting on 29.07.2020, approved the liquidation of the Corporate Debtor with a 100% majority,

…

## Issues and analysis

### Issue 1: Whether an order of liquidation of …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, outlines the conditions under

…

**Reasoning:** The Adjudicating Authority reasoned that the CoC had approved the liquidation with a 100%

…

**Interpretation:** Section 33 of the Code provides a framework for the Adjudicating Authority to

…

**Application:** In this case, the CoC's 100% approval for liquidation, coupled with the nearing

…

## Parties

- **Judges:** DR.VENKATA…; Satya Ranjan…
- **Appellants:** Allahabad…
- **Respondents:** Sarda Agro Oils…

## Timeline

- **2019-08-27 — Initiation…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-09-23 — Appointment…**: Applicant appointed as Interim Resolution Professional and later confirmed as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sarda-agro-oils-limited-ia-no-1323-2022-in-cp-ib-no-102-7-hdb-2019-a4ef878e