# In the matter of Super Shine Agrofoods Private Limited

> NCLT judgment dated 2024-08-13. Citation: TCN-2024-NCLT-00802. The case involves an application to restore a Company Petition and revive the Corporate…

- **Court:** NCLT
- **Order date:** 13 Aug 2024
- **Citation:** TCN-2024-NCLT-00802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/super-shine-agrofoods-private-limited-740ef90c

## Summary

### Background

The case involves an application to restore a Company Petition and revive the Corporate Insolvency Resolution Process (CIRP) against Super Shine Agrofoods Pvt. Ltd. due to a breach of a settlement agreement. Initially, the CIRP was admitted, but a Memorandum of Understanding (MoU) was executed where the Corporate Debtor agreed to pay outstanding dues. An Interlocutory Application was filed to withdraw the main petition based on this settlement. However, the Corporate Debtor defaulted on the terms of the MoU, leading the Operational Creditor to file the present application to restore the CIRP.

## Facts

Ankit Traders, through its proprietor Ankit Kumar Goel, filed a Company Petition (CP No. (IB)-17/9/JPR/2022) against Super Shine Agrofoods Pvt. Ltd. The petition was initially admitted, leading to the commencement of CIRP. Subsequently, a Memorandum of Understanding (MoU) was executed between Ankit Traders and Super Shine Agrofoods Pvt. Ltd., where Super Shine Agrofoods agreed to pay Rs. 1,85,00,000/- to Ankit Traders. Based on this MoU, an Interlocutory Application (I.A. No. 458/JPR/2023) was filed to withdraw the Company Petition, which was allowed. Super Shine Agrofoods paid Rs. 50,00,000/- but failed to pay the remaining Rs. 1,35,00,000/- or transfer property as agreed in the MoU. Ankit Traders then filed an appeal against the order, which was partly allowed by

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be revived against Super Shine …

**Ratio:** The legal principle applied is that if a settlement agreement (MoU) is breached, and the

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**Reasoning:** The court reasoned that the Corporate Debtor failed to fulfill its obligations under the

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**Interpretation:** The interpretation is that the NCLAT's order provided a clear path for the

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

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** ANKIT TRADERS…
- **Respondents:** SUPER SHINE…

## Timeline

- **2022-09-17 — Company Petiti…**: Company Petition No. (IB)-17/9/JPR/2022 filed by Ankit Traders against Super Shine…
- **2023-06-01 — Admission o…**: The Insolvency Petition under Section 9 of the Code against the Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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