# In the matter of Best Foods Limited,  CA No. 1077-2019, lA Nos. 371-2020 & 412-2020 ln CP (lB) No. 117-Chd-CHD-2017

> NCLT judgment dated 2021-03-01. Citation: TCN-2021-NCLT-02879. The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s Best Foods Limited,…

- **Court:** NCLT
- **Order date:** 1 Mar 2021
- **Citation:** TCN-2021-NCLT-02879
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/best-foods-limited-ca-no-1077-2019-la-nos-371-2020-412-2020-ln-cp-lb-no-117-chd-6bbfb75a

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s Best Foods Limited, initiated by M/s Hajura Singh Bhim Singh under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. After admission on 02.02.2018, Mr. Atul Kumar Kansal was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Vikram Bajaj. A resolution plan submitted by Maritime Trade Corporation (MTC) was not approved due to significant gaps and ambiguities. MTC subsequently withdrew its resolution plan. The Resolution Professional (RP) filed IA No. 412/2020 under Section 33(1)(a) of the IBC for liquidation, along with seeking withdrawal of CA No. 1077/2019, which was an application for additional time to complete the CIRP.

## Facts

M/s Hajura Singh Bhim Singh initiated Corporate Insolvency Resolution Process (CIRP) against M/s Best Foods Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 02.02.2018. Mr. Atul Kumar Kansal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Vikram Bajaj as the Resolution Professional (RP). Form G, inviting Expression of Interest (EOI), was published on 05.05.2018 and republished on 07.08.2018. Maritime Trade Corporation (MTC) submitted a resolution plan on 04.10.2018, which was discussed in the 7th Committee of Creditors (COC) meeting on 25.10.2018 but not approved due to gaps and ambiguities. MTC filed CA No. 603/2018, and the RP was directed to convene a COC meeting.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can order liquidation of the Corporate Debtor under Section …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 mandates that where the

…

**Reasoning:** The court reasoned that since no resolution plan was approved within the prescribed time

…

**Interpretation:** Section 33(1)(a) is interpreted strictly to mean that if no resolution plan is

…

**Application:** In this case, the resolution plan submitted by Maritime Trade Corporation (MTC)

…

## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Appellants:** M/s Hajura Singh…
- **Respondents:** M/s Best Foods…; Vikram…
- **Advocates:** Suman N…; Namit…

## Timeline

- **2018-02-02 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted against M/s Best Foods…
- **2018-02-02 — Appointment…**: Mr. Atul Kumar Kansal was appointed as the…

## 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/best-foods-limited-ca-no-1077-2019-la-nos-371-2020-412-2020-ln-cp-lb-no-117-chd-6bbfb75a