# 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-00082. 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-00082
- **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-ceaeed77

## 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 confirmed as the Resolution Professional (RP).

## Facts

M/s Bansal Traders, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s BBN Foods Hi-Tech Processing Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application 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 CoC was constituted and subsequently reconstituted based on claims received from creditors. 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

…

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

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

…

**Reasoning:** The CoC resolved to liquidate the corporate debtor with 97.75% of the voting share. The

…

**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

…

**Application:** The CoC's decision to liquidate M/s BBN Foods Hi-Tech Processing Private

…

## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Respondents:** M/s BBN Foods…

## Timeline

- **2019-12-17 — Admission of Ap…**: Application under Section 9 of…
- **2019-12-17 — Appointment…**: Mr. Gurdev Bassi appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/bbn-foods-hi-tech-processing-private-limited-ia-no-639-2020-in-cp-ib-no-279-chd-ceaeed77