# In the matter of Super Shine Agrofoods Private Limited

> NCLT judgment dated 2024-08-13. Citation: TCN-2024-NCLT-00804. 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-00804
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/super-shine-agrofoods-private-limited-a3a86809

## 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. The CIRP was initially admitted, but a settlement was attempted through a Memorandum of Understanding (MoU). The corporate debtor, Super Shine Agrofoods Pvt. Ltd., breached the terms of the settlement, leading the operational creditor, Ankit Traders, to seek restoration of the CIRP. An earlier application to withdraw the CIRP was allowed, but without granting liberty to revive it in case of default. An appeal against this order was allowed by the NCLAT, granting the applicant the liberty to revive the company petition.

## Facts

Ankit Traders, through its proprietor Mr. Ankit Kumar Goel, filed a Company Petition (IB)-17/9/JPR/2022 against Super Shine Agrofoods Pvt. Ltd. seeking to initiate CIRP. The petition was initially admitted on 2023-06-01. Subsequently, a Memorandum of Understanding (MoU) was executed between the parties on 2023-07-07, where Super Shine Agrofoods agreed to pay Rs. 1,85,00,000/- to Ankit Traders. As per the MoU, Super Shine Agrofoods paid Rs. 50,00,000/-. An application was filed under Section 12A of the IBC to withdraw the CIRP, which was allowed on 2023-08-21, but without liberty to revive the petition. Super Shine Agrofoods defaulted on the remaining payment of Rs. 1,35,00,000/- and failed to transfer property as agreed in the MoU. Ankit Traders appealed to NCLAT,

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## Issues and analysis

### Issue 1: Whether the Company Petition i.e., CP (IB) No.- 17/9/JPR/2022 deserves to be restored due to the …

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

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**Reasoning:** The court reasoned that the Corporate Debtor failed to adhere to the terms of the MoU by

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**Interpretation:** The interpretation is that a settlement agreement is binding, and failure to

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**Application:** The Corporate Debtor's failure to pay the remaining amount of Rs. 1,35,00,000/-

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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 — CIRP Adm…**: 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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