# In the matter of Agrimas Chemicals Limited

> NCLT judgment dated 2025-09-25. Citation: TCN-2025-NCLT-01417. The application was filed by the Interim Resolution Professional (IRP) under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 25 Sept 2025
- **Citation:** TCN-2025-NCLT-01417
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/agrimas-chemicals-limited-60ad9dcb

## Summary

### Background

The application was filed by the Interim Resolution Professional (IRP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the corporate debtor, Agrimas Chemical Limited, and to appoint a liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Agrimas Chemical Limited on 30.01.2025.

The application was filed by IDBI Bank Limited under Section 7 of the Code.

The Committee of Creditors (CoC) was constituted on 21.02.2025, comprising State Bank of India and IDBI Bank Limited.

The CoC decided to initiate the liquidation process of the Corporate Debtor on 04.07.2025.

Mr. Sanjay Kumar Gupta was appointed as the liquidator of the Corporate Debtor.

The CoC noted that the amounts offered in each resolution plan were below the average liquidation value.

The Corporate Debtor has remained non-operational for over two years, and the primary manufacturing unit at MIDC Taloja has remained completely shut and non-operational for more than seven years.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Agrimas Chemical Limited, should be liquidated in accordance …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors unanimously decided to liquidate the Corporate Debtor, as no

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**Interpretation:** The Adjudicating Authority deemed it just and proper to order the liquidation

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**Application:** The Corporate Debtor, M/s. Agrimas Chemical Limited, was ordered to be

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## Parties

- **Judges:** Mohan Prasad…; Charanjeet Singh…
- **Appellants:** IDBI Bank L…; Huzefa Fakhri…
- **Respondents:** Agrimas Chemicals…
- **Other parties:** State Bank of…; Sanjay Kuma…
- **Advocates:** Dhiraj M…

## Timeline

- **30.01.2025 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **21.02.2025 — CoC Form…**: Committee of Creditors constituted, comprising…

## 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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