# In the matter of Amolika Agro India Private Limited CP (IB) No. 1113-KB-2019

> NCLT judgment dated 2022-05-18. Citation: TCN-2022-NCLT-04797. Ashish Vincom Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-04797
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/amolika-agro-india-private-limited-cp-ib-no-1113-kb-2019-a1f850cc

## Summary

### Background

Ashish Vincom Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Amolika Agro India Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's failure to pay a sum of Rs. 89,10,432, exclusive of interest, with the total default amounting to Rs. 1,28,33,463.

## Facts

Ashish Vincom Private Limited filed a petition under Section 7 of the IBC against Amolika Agro India Private Limited.

The claim was for Rs. 89,10,432 exclusive of interest, with a total default of Rs. 1,28,33,463.

The date of default was stated as 19 November 2018.

The Financial Creditor had pledged fixed deposits with State Bank of India as collateral security for the Corporate Debtor's cash credit limit.

Mr. Ashok Kumar Agarwal was a common director for both the Financial Creditor and the Corporate Debtor.

The Corporate Debtor argued that there was no agreement with the Financial Creditor and no disbursement of funds against the time value of money.

The Financial Creditor proposed Mr. Manish Jain as the Interim Resolution Professional.

…

## Issues and analysis

### Issue 1: Whether the Corporate Guarantee …

**Ratio:** The Hon'ble NCLAT in Ascot Realty Pvt. Ltd. v. Ajay Kumar Agarwal (IRP) held that

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**Reasoning:** The Adjudicating Authority considered the NCLAT's ruling in Ascot Realty Pvt. Ltd. v.

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**Interpretation:** The Adjudicating Authority interpreted the NCLAT's ruling to mean that a

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**Application:** The Adjudicating Authority considered whether the Corporate Guarantee in this

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Ashish Vincom…
- **Respondents:** Amolika Agro…
- **Other parties:** Ashok Kumar…; MANISH…
- **Advocates:** Rishav Ba…; Ayan D…; +4 more

## Timeline

- **2019-06-28 — Petition…**: The present petition was filed on 28 June…
- **2019-07-22 — Court Notice…**: Court Notice had been served on the Corporate Debtor on 22 July 2019 via Post and on 22…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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