# In the matter of Shree Mahalaxmi Agro Farms Private Limited IA. No. 641-2023 In CP(IB)No.4081-MB-C-II-2019

> NCLT judgment dated 2023-02-24. Citation: TCN-2023-NCLT-04464. The case involves an application filed under section 33(1)(a) r/w 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Feb 2023
- **Citation:** TCN-2023-NCLT-04464
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-mahalaxmi-agro-farms-private-limited-ia-no-641-2023-in-cpibno4081-mb-c-ii-68cd825c

## Summary

### Background

The case involves an application filed under section 33(1)(a) r/w 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016, by Mr. Kamal Kishor Gurnani, the Resolution Professional (RP) of Shree Mahalaxmi Agro Farms Private Limited. The RP sought a liquidation order and appointment as liquidator based on a resolution passed by the Committee of Creditors (CoC) in its 12th meeting held on 07.02.2023. The Corporate Insolvency Resolution Process (CIRP) was initiated after the Company Petition 4081 of 2019 filed by the Financial Creditor under section 7 of the Code was admitted on 23.12.2021. The RP was initially appointed as Interim Resolution Professional (IRP) and later as RP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Mahalaxmi Agro Farms Private Limited after a petition filed by a Financial Creditor was admitted on 23.12.2021. Mr. Kamal Kishor Gurnani was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP conducted several Committee of Creditors (CoC) meetings to discuss the progress of the CIRP, including the sale of mangoes (the Corporate Debtor's business), and invited Expressions of Interest (EoI) for a Resolution Plan. Six EoIs were received, and a Resolution Plan was submitted by Sunrise Industries Limited. However, the CoC found the financial proposal in the Resolution Plan to be low and rejected it. The CoC then unanimously passed a

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Shree Mahalaxmi Agro Farms Private …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

…

**Reasoning:** The CoC unanimously passed a resolution for the liquidation of the Corporate Debtor in

…

**Interpretation:** Section 33 provides the legal basis for initiating liquidation proceedings when

…

**Application:** The CoC's unanimous decision to liquidate, coupled with the RP's application,

…

## Parties

- **Judges:** Kuldip Kumar…; Shyam Babu…
- **Appellants:** Kamal Kishor…
- **Respondents:** Shree Mahalaxmi…; Bank of…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition 4081 of 2019 was…
- **2021-12-23 — CIRP Init…**: The Company Petition was admitted, and Corporate Insolvency Resolution Process (CIRP) was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

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/shree-mahalaxmi-agro-farms-private-limited-ia-no-641-2023-in-cpibno4081-mb-c-ii-68cd825c