# In the matter of Daily Bread Gourmet Foods (India) Pvt. Ltd. C.P. No. 176-BB-2020

> NCLT judgment dated 2020-12-09. Citation: TCN-2020-NCLT-00115. The case pertains to the voluntary liquidation of Daily Bread Gourmet Foods (India) Private…

- **Court:** NCLT
- **Order date:** 9 Dec 2020
- **Citation:** TCN-2020-NCLT-00115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/daily-bread-gourmet-foods-india-pvt-ltd-cp-no-176-bb-2020-6303a234

## Summary

### Background

The case pertains to the voluntary liquidation of Daily Bread Gourmet Foods (India) Private Limited. The company faced continuous losses, leading the Board of Directors to recommend voluntary liquidation. An Extraordinary General Meeting approved a special resolution for voluntary liquidation and appointed Ramanathan Bhuvaneshwari as the liquidator. The liquidator initiated the liquidation process, including publishing advertisements in newspapers and on the IBBI website to invite claims from creditors.

## Facts

Daily Bread Gourmet Foods (India) Private Limited was incorporated on April 25, 2013. The company's authorized share capital was Rs. 32,00,00,000. The company was engaged in the sale of food products. The directors of the company were R.V. Sharma Raja, Anshu, Nasim Ahamed Delvi, and R. Jayaraman. Britannia Industries Limited held 99.99% of the company's shares. Due to continuous losses, the Board of Directors recommended voluntary liquidation. An Extraordinary General Meeting held on March 18, 2019, approved the voluntary liquidation and appointed Ramanathan Bhuvaneshwari as the liquidator. The liquidator published advertisements in newspapers and on the IBBI website to invite claims. The company opened a new bank account in Kotak Mahindra Bank for liquidation

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Daily Bread Gourmet Foods (India) Private …

**Ratio:** The Adjudicating Authority has the power to allow the voluntary liquidation of a

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**Reasoning:** The court considered the fact that the company had passed a special resolution for

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**Interpretation:** Section 59 of the Insolvency and Bankruptcy Code, 2016, provides a mechanism

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**Application:** In this case, the court found that the company had met the requirements of

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** Daily Bread…

## Timeline

- **2013-04-25 — Incorporation of the…**: Daily Bread Gourmet Foods (India)…
- **2019-03-08 — Board Me…**: The Board of Directors approved the…

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