The case involves an appeal against the order dated 01.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) in I.A. No. 412/2020 in CP(IB) No. 117/Chd/ChD/2017, which initiated liquidation of the Corporate Debtor, M/s Best Foods Ltd. The Appellant, Director of the Suspended Board of Directors of M/s Best Foods Ltd., challenges the liquidation order, arguing that the Adjudicating Authority erred in directing liquidation without properly considering a resolution plan and the commercial wisdom of the Committee of Creditors (CoC). The appellant contends that a resolution plan had been approved by a majority of the CoC, and the subsequent withdrawal of the plan by the Resolution Applicant was impermissible. The respondent, the
…1. M/s Hajura Singh Bhim Singh, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Best Foods Ltd. (Corporate Debtor) under Section 9 of the I&B Code. The application was admitted on 02.02.2018.
2. Mr. Atul Kumar Kansal was appointed as the Interim Resolution Professional, later replaced by Mr. Vikram Bajaj as Resolution Professional on 17.04.2018.
3. The Resolution Professional published Form G and invited Expression of Interest (EOI) from prospective Resolution Applicants.
4. Maritime Trade Corporation (MTC) submitted a Resolution Plan on 04.10.2018, along with an Earnest Money Deposit of INR 10 crores.
5. The Committee of Creditors (CoC) discussed the Resolution Plan in its 7th meeting on 25.10.2018 but did not consider it
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CIRP initiated against M/s Best Foods Ltd.…
Mr. Vikram Bajaj…
The case involves an appeal against the order dated 01.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) in I.A. No. 412/2020 in CP(IB) No. 117/Chd/ChD/2017, which initiated liquidation of the Corporate Debtor, M/s Best Foods Ltd. The Appellant, Director of the Suspended Board of Directors of M/s Best Foods Ltd., challenges the liquidation order, arguing that the Adjudicating Authority erred in directing liquidation without properly considering a resolution plan and the commercial wisdom of the Committee of Creditors (CoC). The appellant contends that a resolution plan had been approved by a majority of the CoC, and the subsequent withdrawal of the plan by the Resolution Applicant was impermissible. The respondent, the
…1. M/s Hajura Singh Bhim Singh, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Best Foods Ltd. (Corporate Debtor) under Section 9 of the I&B Code. The application was admitted on 02.02.2018.
2. Mr. Atul Kumar Kansal was appointed as the Interim Resolution Professional, later replaced by Mr. Vikram Bajaj as Resolution Professional on 17.04.2018.
3. The Resolution Professional published Form G and invited Expression of Interest (EOI) from prospective Resolution Applicants.
4. Maritime Trade Corporation (MTC) submitted a Resolution Plan on 04.10.2018, along with an Earnest Money Deposit of INR 10 crores.
5. The Committee of Creditors (CoC) discussed the Resolution Plan in its 7th meeting on 25.10.2018 but did not consider it
CIRP initiated against M/s Best Foods Ltd.…
Mr. Vikram Bajaj…