# In the matter of K.T.C. Foods Private Limited CA No. 387-2019 in CP (IB) No. 136-Chd-Hry-2018

> NCLT judgment dated 2019-05-31. Citation: TCN-2019-NCLT-03109. The case involves an application filed by the Resolution Professional (RP) of M/s. KTC Foods…

- **Court:** NCLT
- **Order date:** 31 May 2019
- **Citation:** TCN-2019-NCLT-03109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ktc-foods-private-limited-ca-no-387-2019-in-cp-ib-no-136-chd-hry-2018-698d8ea1

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of M/s. KTC Foods Private Limited (Corporate Debtor) seeking an order for the liquidation of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Ashok Kumar and Brother (Operational Creditor). The petition was admitted on 29.08.2018, and a moratorium was declared. Mr. Mast Ram was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anup Kumar Singh. Form G was published to invite Expression of Interest (EOI).

## Facts

Ashok Kumar and Brother, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against K.T.C. Foods Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2018-08-29, leading to a moratorium under Section 14(1) of the Code. Mr. Mast Ram was appointed as Interim Resolution Professional (IRP) on 2018-09-07, later replaced by Mr. Anup Kumar Singh. Despite publishing Form G and extending the deadline for Expression of Interest (EOI), no resolution plan was received. The Committee of Creditors (COC) decided on 2019-04-25 to liquidate the Corporate Debtor, with 100% voting rights in favor. The Resolution Professional, Mr. Anup Kumar Singh, consented to act as Liquidator. The

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, are …

**Ratio:** Section 33(2) of the Code states that if the Resolution Professional (RP) intimates the

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**Reasoning:** The court reasoned that the last date for submission of a resolution plan was extended to

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when no resolution plan is

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**Application:** In this case, the COC approved the liquidation with 100% voting rights, and the

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## Parties

- **Judges:** M.K. Sh…; Pradeep R.…
- **Appellants:** Ashok Kumar and…
- **Respondents:** K.T.C. Foods…; M/s. K.T.C. Foods…

## Timeline

- **2018-08-29 — Petition Ad…**: Petition under Section 9 of the Code was…
- **2018-09-07 — IRP Appoi…**: Mr. Mast Ram was appointed as…

## 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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