# In the matter of Dinesh Gupta Vs. Vikram Bajaj Liquidator M/s Best Foods Ltd. Company Appeal (AT) (Ins) No.276 of 2021

> NCLAT judgment dated 2021-09-29. Citation: TCN-2021-NCLAT-00079. The case involves an appeal against the order dated 01.03.2021 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 29 Sept 2021
- **Citation:** TCN-2021-NCLAT-00079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/dinesh-gupta-vs-vikram-bajaj-liquidator-ms-best-foods-ltd-company-appeal-9c8e3b38

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in ordering the liquidation of the Corporate …

**Ratio:** The Adjudicating Authority is empowered to order liquidation under Section 33(1)(a) of

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**Reasoning:** The CIRP period had lapsed on 15.11.2019, and no resolution plan was approved by the CoC

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**Interpretation:** Section 33(1)(a) provides a clear framework for liquidation when the CIRP fails

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**Application:** Since no resolution plan was approved within the CIRP period, the Adjudicating

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## Parties

- **Judges:** M. Venu…; V. P. S…; +1 more
- **Appellants:** Dinesh…
- **Respondents:** Best Food…; Vikram Bajaj…
- **Advocates:** Sumesh D…; Vatsala…; +2 more

## Timeline

- **2018-02-02 — CIRP Init…**: CIRP initiated against M/s Best Foods Ltd. based on an application by M/s Hajura Singh…
- **2018-04-17 — Appointment of…**: Mr. Vikram Bajaj appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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