# In the matter of Basukinath Agro Private Limited IA (IB) No. 949-KB-2022 in CP (IB) No. 835-KB-2018

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-04772. The case involves an application under section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-04772
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/basukinath-agro-private-limited-ia-ib-no-949-kb-2022-in-cp-ib-no-835-kb-2018-66a08ddf

## Summary

### Background

The case involves an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of Basukinath Agro Private Limited. The CIRP was initiated based on a petition filed by Poddar Business Private Limited, the Operational Creditor. Parag Chakrabarti was appointed as the Interim Resolution Professional (IRP).

## Facts

The Adjudicating Authority initiated CIRP for Basukinath Agro Private Limited on 05 November 2019.

Poddar Business Private Limited filed the Company Petition under section 9 as Operational Creditor.

Parag Chakrabarti was appointed as the Interim Resolution Professional (IRP).

The IRP constituted a Committee of Creditors (CoC) with Poddar Business Private Limited as the sole member.

The CoC did not appoint Registered Valuers initially.

The Forensic Auditor submitted the Final Report on 30 November 2020.

The liquidity position of the Corporate Debtor worsened since 31 March 2019.

The CoC has not made payment toward the CIRP cost.

The CoC resolved to terminate the CIRP and liquidate the Corporate Debtor.

The Corporate Debtor does not have any assets.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be dissolved given its lack of assets and the CoC's resolution …

**Ratio:** The Corporate Debtor does not have any assets, and the CoC has resolved to terminate the

…

**Reasoning:** The Adjudicating Authority considered the facts and circumstances, including the lack of

…

**Interpretation:** It is prudent to dissolve the Corporate Debtor instead of sending it to

…

**Application:** The Adjudicating Authority ordered the

…

## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Parag Chakr…
- **Respondents:** Basukinath Agro…; Suresh Kumar…; +2 more
- **Advocates:** Neelima Cha…; Suvodeep Chakrabor…; +3 more

## Timeline

- **2019-11-05 — Initiation…**: Adjudicating Authority ordered initiation of Corporate Insolvency Resolution Process…
- **2019-11-11 — Public Annou…**: The IRP published Form A and invited claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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