# In the matter of Bluewater Food and Exports Pvt. Ltd. i.a. No. 298-2020 in C.P.. (IB) No. 122-BB-2020

> NCLT judgment dated 2020-08-26. Citation: TCN-2020-NCLT-00782. The case pertains to an application (I.A. No. 298/2020) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 26 Aug 2020
- **Citation:** TCN-2020-NCLT-00782
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bluewater-food-and-exports-pvt-ltd-ia-no-298-2020-in-cp-ib-no-122-bb-2020-538b31cb

## Summary

### Background

The case pertains to an application (I.A. No. 298/2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Bluewater Foods & Exports Private Limited. The CIRP was initiated based on an application (C.P. (IB)No.122/BB/2020) filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Interim Resolution Professional (IRP), Pankaj Srivastava, filed the application seeking the appointment of Shivadutt Bannanje as the Resolution Professional (RP). The Committee of Creditors (COC) had resolved to appoint Shivadutt Bannanje in their meeting held on July 27, 2020.

## Facts

M/s. Bluewater Foods and Exports Private Limited faced a Corporate Insolvency Resolution Process (CIRP) initiated via C.P. (IB)No.122/BB/2020 under Section 10 of the IBC, 2016. The application was admitted on June 10, 2020, leading to the appointment of Pankaj Srivastava as the Interim Resolution Professional (IRP) and the imposition of a moratorium. The IRP made public announcements in newspapers and on the company's website. The Committee of Creditors (COC) convened, and in a meeting on July 27, 2020, resolved to appoint Shivadutt Bannanje as the Resolution Professional (RP). HDFC Bank Limited, holding 99.41% of the voting rights in the COC, proposed Shivadutt Bannanje's name. Shivadutt Bannanje also provided a written communication declaring his eligibility and

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## Issues and analysis

### Issue 1: Whether the appointment of Shivadutt Bannanje as the Resolution Professional for M/s. Bluewater …

**Ratio:** The ratio is that the Adjudicating Authority should respect the commercial wisdom of the

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**Reasoning:** The court reasoned that the COC, comprising creditors with a substantial voting share

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**Interpretation:** The interpretation is that the IBC emphasizes the role of the COC in the

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**Application:** In this specific case, the court applied the ratio by acknowledging the COC's

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Pankaj Sriv…
- **Respondents:** M/s. Bluewater…; M/s Bluewater…

## Timeline

- **2020-06-10 — CIRP Init…**: The Adjudicating Authority admitted the application for CIRP (C.P. (IB)No.122/BB/2020)…
- **2020-06-16 — Public Annou…**: The IRP made a public announcement in newspapers and on the company's website regarding…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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