# In the matter of Trimurti Corns Agro Foods Private Limited

> NCLT judgment dated 2023-10-06. Citation: TCN-2023-NCLT-01355. The case involves an application filed under Section 33(3) of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 6 Oct 2023
- **Citation:** TCN-2023-NCLT-01355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trimurti-corns-agro-foods-private-limited-843c2af5

## Summary

### Background

The case involves an application filed under Section 33(3) of the Insolvency & Bankruptcy Code, 2016 by Mr. Harshad Deshpande, the Supervisor of the Monitoring Committee and Former Resolution Professional of Trimurti Corns Agro Foods Private Limited. The application seeks a liquidation order and the appointment of a liquidator due to the inability of the Resolution Applicant to make payments and adhere to the terms of the Resolution Plan, which was previously approved. The Corporate Insolvency Resolution Process (CIRP) was initiated on 20.11.2018. A resolution plan was approved by the CoC with 100% voting, envisaging a total payment of Rs. 17,30,30,000/-. However, the Resolution Applicant failed to make the upfront cash payment of Rs. 3,47,80,000/- as agreed.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Trimurti Corns Agro Foods Private Limited was initiated on 20.11.2018. Mr. Sandeep Dar was initially appointed as the Interim Resolution Professional (IRP) but was later replaced. A resolution plan was approved by the Committee of Creditors (CoC) with 100% voting, requiring a total payment of Rs. 17,30,30,000/-, including an upfront cash payment of Rs. 3,47,80,000/-. The resolution plan was approved by the Tribunal on 24.03.2023. However, the Resolution Applicant, Dr. Gopal Agrawal, failed to make the required payments or submit a payment schedule despite multiple opportunities and extensions. The Resolution Applicant admitted his inability to pay as per the approved resolution plan. The Monitoring Committee

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant's failure to adhere to the approved Resolution Plan warrants the …

**Ratio:** Section 33(3) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The Tribunal reasoned that the Resolution Applicant's failure to make payments and submit

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**Interpretation:** The interpretation of Section 33(3) emphasizes the importance of adhering to

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**Application:** In this case, the Resolution Applicant's inability to meet the financial

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Harshad Des…
- **Respondents:** Trimurti Corns…; Fairmacs Shipping…

## Timeline

- **2017-01-01 — C.P.(IB)/1570(…**: Case fil…
- **2018-11-20 — CIRP Init…**: CIRP of Corporate Debtor viz. Trimurti Corns…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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