# Atul Sheth Liquidator vs. M/s. Captive Foods Private Limited

> NCLT judgment dated 2026-10-08. Citation: TCN-2026-NCLT-01197. Mr. Atul Sheth, Liquidator of M/s. Captive Foods Private Limited (the Corporate Debtor), filed…

- **Court:** NCLT
- **Order date:** 8 Oct 2026
- **Citation:** TCN-2026-NCLT-01197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/captivate-foods-private-limited-kjnqp

## Summary

### Background

Mr. Atul Sheth, Liquidator of M/s. Captive Foods Private Limited (the Corporate Debtor), filed an application under Section 54(1) of the IBC, 2016, seeking the dissolution of the Corporate Debtor. The Corporate Debtor was incorporated on 17.09.2014. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by Operational Creditor Givaudan(India) Private Limited, leading to Mr. Atul Jashwantrai Sheth's appointment as IRP and subsequently as Liquidator.

## Facts

Mr. Atul Sheth, Liquidator for M/s. Captive Foods Private Limited, filed an application under Section 54(1) of the IBC, 2016, seeking dissolution of the Corporate Debtor.

M/s. Captive Foods Private Limited, the Corporate Debtor, is a Private Limited Company incorporated on 17.09.2014.

Operational Creditor Givaudan(India) Private Limited filed an application under Section 9 of the IBC, 2016, which was admitted on 25.04.2022.

Mr. Atul Jashwantrai Sheth was appointed as Interim Resolution Professional (IRP) and subsequently as Liquidator.

The Committee of Creditors (CoC) decided with 100% consent on 29.09.2023 to proceed with the dissolution of the Corporate Debtor.

The liquidation process for M/s. Captive Foods Private Limited was initiated on 13.01.2024.

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## Issues and analysis

### Issue 1: Whether M/s. Captive Foods Private Limited, the Corporate Debtor, should be dissolved with effect …

**Ratio:** A Corporate Debtor can be dissolved under Section 54(1) of the IBC, 2016, when there are

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**Reasoning:** The Liquidator's application under Section 54(1) of IBC, 2016, sought dissolution. The

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**Interpretation:** Section 54(1) of the IBC provides for the dissolution of the corporate debtor

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**Application:** Given the comprehensive evidence of no traceable assets, absconding directors,

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## Parties

- **Judges:** Chitra Hankare,…; Velamur G Venkata…
- **Appellants:** Atul Sheth…
- **Respondents:** M/s. Captive…
- **Other parties:** CoC…; Manish…; +5 more
- **Advocates:** Kudeep Adesara,…; Aman A Mir,…

## Timeline

- **2014-09-17 — Corporate Debtor…**: M/s. Captive Foods Private Limited, the…
- **2017-08-21 — Loan Sanctioned by Bank…**: Bank of India sanctioned a loan of Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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