# In the matter of Maiyas Beverages and Foods Pvt. Ltd. I.A.No.210-2019 in C.P.(IB) No. 121-BB-2018

> NCLT judgment dated 2019-05-10. Citation: TCN-2019-NCLT-03345. The case involves the corporate insolvency resolution process (CIRP) of Maiyas Beverages and…

- **Court:** NCLT
- **Order date:** 10 May 2019
- **Citation:** TCN-2019-NCLT-03345
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maiyas-beverages-and-foods-pvt-ltd-iano210-2019-in-cpib-no-121-bb-2018-af48949a

## Summary

### Background

The case involves the corporate insolvency resolution process (CIRP) of Maiyas Beverages and Foods Pvt. Ltd. initiated by M/s. M.R.Betgeri, an operational creditor, under Section 9 of the IBC, 2016. The Tribunal admitted the case on 24th July 2018, appointing Shri Ashish Kanodia as the Interim Resolution Professional (IRP) and imposing a moratorium. The Committee of Creditors (CoC) confirmed the appointment of the IRP as the Resolution Professional (RP). The RP received expressions of interest from six entities, including Akashika Foods Private Limited. The RP also ensured a forensic audit of the corporate debtor covering two years prior to the commencement of CIRP.

## Facts

M/s. M.R.Betgeri, an operational creditor, filed CP(IB)No.121/BB/2018 under Section 9 of the IBC, 2016, against Maiyas Beverages and Foods Pvt. Ltd. seeking to initiate CIRP. The Tribunal admitted the case on 24th July 2018, appointing Shri Ashish Kanodia as the Interim Resolution Professional (IRP) and imposing a moratorium. The Committee of Creditors (CoC) confirmed the appointment of the IRP as the Resolution Professional (RP) on 30th August 2018. The RP received expressions of interest from six entities, including Peepul Capital, Mr.SadanandaMaiya, Guiltfree Industries Limited, MTR Foods Private Limited, Akashika Foods Private Limited and Mr. Kamal Agrawal. The RP requested for resolution plans by 19th December 2018 and provided access to a virtual data room. A

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant meets the criteria approved by the CoC having regard to the …

**Ratio:** Section 25(2)(h) of the IBC, 2016 requires the resolution professional to examine the

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**Reasoning:** The CoC, having considered the complexity and scale of operations of the Corporate

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**Interpretation:** This provision ensures that the resolution applicant has the necessary

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**Application:** The Tribunal noted that the Resolution Applicant met the criteria approved by

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## Parties

- **Judges:** Rajeswara Rao…
- **Appellants:** Ashish Ka…
- **Respondents:** M/s. Maiyas…; M/s. M.R.B…

## Timeline

- **2018-07-24 — Initiation…**: Tribunal admitted the case and appointed Shri Ashish Kanodia as Interim Resolution…
- **2018-08-30 — Appointment…**: Committee of Creditors confirmed the appointment of Shri Ashish Kanodia as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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