# In the matter of Vizag Agriport Private Limited

> NCLT judgment dated 2025-02-11. Citation: TCN-2025-NCLT-00506. Vizag Agriport Private Limited filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 Feb 2025
- **Citation:** TCN-2025-NCLT-00506
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vizag-agriport-private-limited-a2a90dc2

## Summary

### Background

Vizag Agriport Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant was incorporated on 11.04.2012 to operate a mechanised fertilizer handling facility at Vishakhapatnam Port. It was a joint venture between ALBA Asia Private Limited and IL&FS Maritime Infrastructure Company Limited. The project faced heavy losses, leading to a mutual decision to terminate it. The Corporate Applicant defaulted on payments of Rs.2,23,42,486/- to Operational Creditors. A board resolution was passed on 30.05.2020 to initiate CIRP, and shareholders

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## Facts

Vizag Agriport Private Limited, a joint venture between ALBA Asia Private Limited and IL&FS Maritime Infrastructure Company Limited, was incorporated on 11.04.2012 to operate a mechanised fertilizer handling facility at Vishakhapatnam Port. The company was awarded a 30-year concession on 18.05.2012. During the initial five years, the company incurred heavy expenditure and sustained heavy losses. A consultation meeting on 17.02.2016 led to a mutual decision to terminate the project, and a Deed of Mutual Cancellation was executed on 21.02.2017. Due to the closure of business operations, the company defaulted on payments of Rs.2,23,42,486/- to Operational Creditors. The company's financial statements as of 31.03.2021 showed a negative balance of Rs.22.91 crores and a

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## Issues and analysis

### Issue 1: Whether the application filed by Vizag Agriport Private Limited under Section 10 of the Insolvency …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the

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**Reasoning:** The NCLT found that the application was filed as per Rule 7 of the AAA Rules in Form 6

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**Interpretation:** Section 10 and the associated rules outline the procedural and documentary

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**Application:** The NCLT applied the provisions of Section 10 and the relevant rules to the

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Respondents:** Vizag Agriport…

## Timeline

- **2012-04-11 — Incorporation of…**: Vizag Agriport Private Limited was incorporated to carry on the business of designing,…
- **2012-05-18 — Concession Ag…**: The Corporate Applicant was awarded a 30-year concession to design, finance, build and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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