# In the matter of Shree Ambika Sugars Limitied

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03104. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ambika-sugars-limitied-1773a7f7

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of Shree Ambika Sugars Limited. The application was filed under Sections 230-232 and 66 of the Companies Act, 2013, by the liquidator, Mr. Anurag Goel, seeking sanction and confirmation of a Scheme of Compromise proposed by SNJ Distillers Private Limited. The CoC initially did not approve the resolution plan, leading to the liquidation of the Corporate Debtor. The liquidator then invited proposals for a scheme of compromise under Section 230 of the Companies Act, 2013. SNJ Distillers Private Limited submitted a scheme which was consented to by the Stakeholders Consultation Committee (SCC).

## Facts

Shree Ambika Sugars Limited underwent CIRP and subsequent liquidation. Anurag Goel was appointed as the liquidator. The Committee of Creditors (CoC) did not approve the resolution plan, leading to liquidation. The liquidator invited proposals for a scheme of compromise under Section 230 of the Companies Act, 2013. SNJ Distillers Private Limited submitted a scheme. The Stakeholders Consultation Committee (SCC) consented to the scheme. The liquidator received EoIs from SNJ Distillers (P) Ltd, RKG Fund I, and Raja Laxmi Wind Energy Limited, but only SNJ Distillers and Raja Laxmi Wind Energy Limited submitted schemes. The SCC provided in-principle consent for the scheme submitted by SNJ Distillers (P) Ltd. The scheme proposed a total payment of INR 180,06,00,000/- to

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## Issues and analysis

### Issue 1: Whether the proposed Scheme of Compromise complies with the provisions of the Companies Act, 2013 …

**Ratio:** The Hon'ble NCLAT has held that the Tribunal is required to play a dual role, one as the

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**Reasoning:** The Tribunal considered the provisions of Section 230 of the Companies Act, 2013, which

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**Interpretation:** Section 230 of the Companies Act, 2013 provides the legal basis for approving a

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**Application:** The Tribunal applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Anurag…
- **Respondents:** Shree Ambika…

## Timeline

- **2019-12-18 — CIRP Admi…**: Corporate Debtor was admitted to…
- **2020-08-14 — Expression of Interest…**: Applicant issued an Expression of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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