# In the matter of B T & F C Pvt. Ltd. and Bangalore Dehdration and Drying Equipment Co. Pvt. Ltd. I.A. No. 235 of 2021 in C.P. (IB)No. 135 & 165-BB-2018

> NCLT judgment dated 8 Dec 2021. Citation: TCN-2021-NCLT-00234. This case involves an application filed by Shri Shivadutt Bannanje, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 8 Dec 2021
- **Citation:** TCN-2021-NCLT-00234
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/b-t-f-c-pvt-ltd-and-bangalore-dehdration-and-drying-equipment-co-pvt-ltd-ia-no-2-acd445fb

## Summary

### Background

This case involves an application filed by Shri Shivadutt Bannanje, the Resolution Professional for M/s. B.T. & F.C. Private Limited and M/s. Bangalore Dehydration and Drying Equipment Co. Private Limited. The application, I.A. No. 235 of 2021, was clubbed with C.P. (IB) No. 165/BB/2018 and C.P. (IB) No. 135/BB/2018, seeking an order for the consolidated liquidation of the two corporate debtors under Section 60 read with Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The proceedings for these two corporate debtors had a complex history, initially involving separate Corporate Insolvency Resolution Processes (CIRPs) and Interim Resolution Professionals (IRPs).

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## Facts

The application, I.A. No. 235 of 2021, was filed by Shri Shivadutt Bannanje, the Resolution Professional for M/s. B.T. & F.C. Private Limited and M/s. Bangalore Dehydration and Drying Equipment Co. Private Limited. This application sought an order for the consolidated liquidation of these two corporate debtors under Section 60 read with Section 33(2) of the IBC, 2016. The proceedings were clubbed with C.P. (IB) No. 165/BB/2018 and C.P. (IB) No. 135/BB/2018.

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## Issues and analysis

### Issue 1: Whether the corporate debtors, M/s. B.T. & F.C. Private Limited and M/s. Bangalore Dehydration and…

**Ratio:** When the Committee of Creditors, after making best efforts to find a resolution plan,…

**Reasoning:** The court reasoned that the Resolution Professional and the Committee of Creditors (CoC)…

**Interpretation:** The court interpreted Section 33(2) of the IBC, 2016, as empowering the…

**Application:** In this case, the Resolution Professional and the CoC had diligently sought…

## Parties

- **Judges:** Bhaskara Pantula…; HEMANT KUMAR…
- **Advocates:** For the Applicant/…

## Timeline

- **September 27, 2019 — CIRP Commencement (M/s.…**: CIRP commenced for M/s. B.T. & F.C. Pvt. Ltd. based on an application by M/s. Radico…
- **January 27, 2020 — CIRP Commencement (M/s. Bangalore Dehydration…**: CIRP commenced for M/s. Bangalore Dehydration and Drying Equipment Co. Pvt. Ltd. based on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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