# In the matter of Awsum Proteins Limited I.A. No. 1596-2021 Connected With IB-2012-(ND)-2019

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01087. The case involves an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/awsum-proteins-limited-ia-no-1596-2021-connected-with-ib-2012-nd-2019-545e6319

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s Awsum Proteins Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by Operational Creditor, Mr. Amit Verma, under Section 9 of the IBC, 2016, due to default. The Adjudicating Authority admitted the application on 03.03.2020 and appointed Mr. Manish Agarwal as the Interim Resolution Professional.

## Facts

Mr. Amit Verma, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Awsum Proteins Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, due to a default. The Adjudicating Authority admitted the application on 03.03.2020. Mr. Manish Agarwal was appointed as the Interim Resolution Professional. A public announcement was made on 06.11.2020, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and its first meeting was held on 05.12.2020. During the second CoC meeting on 27.01.2021, it was determined that the Corporate Debtor lacked assets and plant and machinery, and its operations had ceased for over three years, rendering the CIRP unfeasible. Consequently, the CoC voted with a 98.2%

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

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

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**Reasoning:** The Tribunal considered the provisions of law and the facts presented, including the

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the CoC voted in favor of liquidation with a 98.2% majority. The

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## Parties

- **Judges:** SH. P.S.N.…; SUMITAPURKA…
- **Appellants:** Amit V…
- **Respondents:** M/S AWSUM…
- **Advocates:** T. N. Durga…

## Timeline

- **2020-03-03 — Admission of CIRP…**: The Adjudicating Authority admitted the application for Corporate Insolvency Resolution…
- **2020-11-06 — Public Annou…**: The Interim Resolution Professional (IRP) issued a public announcement inviting claims…

## 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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