# In the matter of BBN Foods Hi-Tech Processing Private Limited IA No. 639-2020 in CP (IB) No. 279-Chd-HP-2019

> NCLT judgment dated 2020-12-15. Citation: TCN-2020-NCLT-00075. The case pertains to IA No. 639/2020 in CP (IB) No. 279/Chd/HP/2019, an admitted matter under…

- **Court:** NCLT
- **Order date:** 15 Dec 2020
- **Citation:** TCN-2020-NCLT-00075
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bbn-foods-hi-tech-processing-private-limited-ia-no-639-2020-in-cp-ib-no-279-chd-9a5e8deb

## Summary

### Background

The case pertains to IA No. 639/2020 in CP (IB) No. 279/Chd/HP/2019, an admitted matter under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The application was filed by Mr. Gurdev Bassi, the Resolution Professional of M/s BBN Foods Hi-Tech Processing Private Limited (Corporate Debtor), seeking an order for liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s BBN Foods Hi-Tech Processing Private Limited based on an application filed by "Bansal Traders" under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 17.12.2019, and Mr. Gurdev Bassi was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP).

## Facts

M/s BBN Foods Hi-Tech Processing Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated by "Bansal Traders" under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 17.12.2019. Mr. Gurdev Bassi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted and later reconstituted. The RP appointed registered valuers for asset valuation. An Expression of Interest (EOI) was invited, but both applicants failed to meet the criteria. The CoC resolved to liquidate the corporate debtor with 97.75% voting share. The RP filed an application for liquidation under Section 33(2) of the Code. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation filed by the Resolution Professional is maintainable under …

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

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**Reasoning:** The Adjudicating Authority considered the decision of the Committee of Creditors (CoC) to

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC decides that

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**Application:** The CoC resolved to liquidate the corporate debtor, and the Resolution

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Appellants:** Bansal Tr…
- **Respondents:** BBN Foods Hi-Tech…

## Timeline

- **2019-12-17 — Admission o…**: The application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by…
- **2019-12-17 — Appointment…**: Mr. Gurdev Bassi was appointed as the…

## 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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