# 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-02884. 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-02884
- **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-e52f5b04

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s Best Foods Limited. The CIRP was initiated based on an application filed by M/s Hajura Singh Bhim Singh under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Atul Kumar Kansal was initially appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Vikram Bajaj. During the CIRP, a resolution plan was submitted by Maritime Trade Corporation (MTC), but it was later withdrawn. The Resolution Professional (RP) then filed IA No. 412/2020 under Section 33(1)(a) of the IBC, 2016, seeking an order for liquidation of the corporate debtor and also seeking withdrawal of CA No. 1077/2019, which was an application for seeking additional time for completion of

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## 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 appointed as Interim Resolution Professional (IRP), later replaced by Mr. Vikram Bajaj as Resolution Professional (RP). Form G, inviting Expression of Interest, 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 COC meeting on 25.10.2018 but deemed unviable due to gaps and ambiguities. MTC filed CA No. 603/2018 for its revised plan. The RP was directed on 31.10.2019 to convene a COC meeting to consider the

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 are …

**Ratio:** Section 33(1)(a) of the IBC stipulates that where the Adjudicating Authority does not

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**Reasoning:** The court reasoned that since no resolution plan was approved under Section 30(6) of the

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

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**Application:** In this case, the resolution plan submitted by Maritime Trade Corporation was

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## Parties

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

## Timeline

- **2018-02-02 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-02-02 — Appointment…**: Mr. Atul Kumar Kansal 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)

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