# 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-04766. 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-04766
- **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-c52adf20

## 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 ordered the initiation of CIRP for Basukinath Agro Private Limited on 05 November 2019.

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

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

The IRP published Form A and invited claims from the creditors on 11 November 2019.

The Committee of Creditors (CoC) was constituted with Poddar Business Private Limited as the sole Operational Creditor.

The CoC did not appoint Registered Valuers initially, but the Adjudicating Authority directed the IRP to appoint two valuers.

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

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

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be dissolved instead of being sent to liquidation due to the …

**Ratio:** The Corporate Debtor

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**Reasoning:** It would be prudent to dissolve the Corporate Debtor instead of sending it to liquidation

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**Interpretation:** The lack of assets justifies dissolving the Corporate Debtor directly without

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**Application:** The Adjudicating Authority ordered the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Parag Chakr…; Parag Chakrabarti,…
- **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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