# In the matter of Agron India Limited

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-05328. The Resolution Professional, Mr. Sanjay Shrivastava, filed an application seeking liquidation…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-05328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/agron-india-limited-770d9b3c

## Summary

### Background

The Resolution Professional, Mr. Sanjay Shrivastava, filed an application seeking liquidation of Agron India Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on December 20, 2019. Despite efforts, no resolution plan was received, and the CoC decided to liquidate the Corporate Debtor.

## Facts

CIRP was initiated against Agron India Limited on December 20, 2019.

Mr. Sanjay Shrivastava was appointed as the Interim Resolution Professional (IRP).

The IRP published Form A to announce the initiation of CIRP in newspapers.

A Committee of Creditors (CoC) was constituted.

Bank of Baroda was the sole financial creditor with 100% voting share.

The Suspended Board of Directors did not cooperate in providing information.

The CBI had seized documents of the Corporate Debtor for investigation.

The Applicant published Form G multiple times to invite resolution applicants, but no EOI was received.

The CoC decided to liquidate the Corporate Debtor.

The 6th CoC meeting dated 07.05.2021 decided to liquidate the Corporate Debtor with 100% voting.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Agron India Limited, should be liquidated under Section 33(2) of the …

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

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**Reasoning:** No resolution plan was received despite multiple attempts, and the CoC decided to

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**Interpretation:** The absence of a resolution plan and the CoC's decision to liquidate the

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**Application:** The NCLT applied Section 33(2) of the IBC, 2016 and ordered the liquidation of

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## Parties

- **Judges:** Anu Jagmoha…; H.V. Subb…
- **Appellants:** BMS TRADEWINGS…; Sanjay Shri…
- **Respondents:** Agron India…
- **Other parties:** CoC…; Bank of B…
- **Advocates:** Amit Tu…; Deep D…

## Timeline

- **2019-12-20 — CIRP Init…**: CIRP initiated against…
- **2020-01-10 — CIRP Order R…**: CIRP order received by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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