# In the matter of Gourmet Renaissance Private Limited IA No. 244 of 2021 in C. P. (IB) No. 1661-MB-2018

> NCLT judgment dated 2021-08-05. Citation: TCN-2021-NCLT-01456. The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Aug 2021
- **Citation:** TCN-2021-NCLT-01456
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gourmet-renaissance-private-limited-ia-no-244-of-2021-in-c-p-ib-no-1661-mb-2018-6a3ccb11

## Summary

### Background

The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, for initiating the liquidation process against Gourmet Renaissance Private Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-03-11, following the admission of a petition under Section 9 of the Code. Naren Sheth was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors and constituted the Committee of Creditors (CoC). The CoC appointed the IRP as the Resolution Professional. Subsequently, Alkesh Rawka was appointed as the Resolution Professional (RP). The CoC resolved to

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Gourmet Renaissance Private Limited was initiated on 2019-03-11, following the admission of a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC). Naren Sheth was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors and constituted the Committee of Creditors (CoC). The CoC appointed the IRP as the Resolution Professional (RP). Subsequently, Alkesh Rawka was appointed as the RP. The CoC resolved to file an application for extension of the CIRP period, which was granted. The applicant issued Form-G inviting expression of interest from prospective resolution applicants, receiving only one EOI from Invent ARC Private Limited.

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## Issues and analysis

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

**Ratio:** The ratio is based on Section 33(1) of the Insolvency and Bankruptcy Code, 2016, which

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**Reasoning:** The court reasoned that the CoC, in its wisdom, has resolved with 98.77% voting share in

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**Interpretation:** The interpretation of Section 33(1) and the Apex Court's ruling is that the

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**Application:** In this case, the CoC rejected the resolution plan and resolved to proceed with

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## Parties

- **Judges:** Bhaskara Pantula…; Narendra Kumar…
- **Appellants:** Alkesh…
- **Respondents:** Gourmet Renaissanc…; Deepak Advertiseme…

## Timeline

- **2019-03-11 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated following admission of a…
- **2019-03-12 — Public Annou…**: The erstwhile IRP made a public announcement inviting claims from the creditors of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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