# In the matter of Amrit Feeds Limited IA No. 1027-KB-2020 In CP (IB) No.440-KB-2018

> NCLT judgment dated 2021-02-19. Citation: TCN-2021-NCLT-02983. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 19 Feb 2021
- **Citation:** TCN-2021-NCLT-02983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amrit-feeds-limited-ia-no-1027-kb-2020-in-cp-ib-no440-kb-2018-6215cd7c

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the corporate debtor, Amrit Feeds Limited, as no resolution plan was received. The Corporate Insolvency Resolution Process (CIRP) was initiated against Amrit Feeds Limited based on a petition filed by Huvepharma Sea (Pune) Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP) was appointed, and public announcements were made to invite claims. The Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution possibilities. Despite multiple attempts to solicit resolution plans, none were received, leading to the decision to liquidate the corporate debtor.

## Facts

Huvepharma Sea (Pune) Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Amrit Feeds Limited. The Adjudicating Authority admitted the petition on 22.10.2019. Pankaj Kumar Tibrewal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, comprising initially four and later six financial creditors. Several CoC meetings were held to explore resolution possibilities. Despite multiple publications of Form G inviting Expressions of Interest (EoI), no

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Amrit Feeds Limited, should be …

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

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**Reasoning:** The CoC, with 93.21% voting share, resolved to liquidate the Corporate Debtor due to the

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to

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**Application:** In this case, the CoC's decision to liquidate Amrit Feeds Limited, supported by

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## Parties

- **Judges:** Rajasekha…
- **Appellants:** Huvepharma Sea…
- **Respondents:** Amrit Feeds…
- **Advocates:** Arik Ban…; Naresh Kumar…; +4 more

## Timeline

- **2019-10-22 — Initiation…**: Adjudicating Authority admitted the petition filed by Huvepharma Sea (Pune) Private…
- **2020-01-26 — Public Annou…**: The IRP made public announcement in Form ‘A’in ‘Financial Express' (English) and ‘Ekdin’…

## Legal provisions

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

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