# In the matter of Nvento Foods Technologies Private Limited MA 1384-2018 in TCP(IB)-639 of 2017

> NCLT judgment dated 2019-01-28. Citation: TCN-2019-NCLT-05150. The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 by…

- **Court:** NCLT
- **Order date:** 28 Jan 2019
- **Citation:** TCN-2019-NCLT-05150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nvento-foods-technologies-private-limited-ma-1384-2018-in-tcpib-639-of-2017-0545ce04

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 by HDFC Bank Limited against Nvento Foods Technologies Private Limited. The petition was admitted on 23.08.2017. Initially, Mr. Sanjay Kumar Lunkad was appointed as the Interim Resolution Professional (IRP), but his registration expired. Subsequently, Mr. Rajeev Mannadiar was appointed as IRP and later confirmed as Resolution Professional (RP). During the Corporate Insolvency Resolution Process (CIRP), several Committee of Creditors (CoC) meetings were held to discuss the company's financial status, potential resolution plans, and other related matters. The directors of the company did not cooperate in providing the necessary documents. Ultimately, no resolution plan was

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## Facts

HDFC Bank Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Nvento Foods Technologies Private Limited for an outstanding financial debt of ₹20 Lakhs. Mr. Sanjay Kumar Lunkad was initially appointed as IRP, but his registration expired. Mr. Rajeev Mannadiar was then appointed as IRP and later confirmed as RP. During the CIRP, the company's ex-director, Mr. Ratish Shete, expressed willingness to pledge personal assets for additional loan facilities. He also stated that his name appeared as a 'defaulter' in CIBIL. The VAT authority had frozen the company's current account. Two valuers were appointed to assess the company's assets. The Committee of Creditors (CoC) held several meetings to discuss the company's financial status

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Nvento Foods Technologies Private Limited, should be liquidated due …

**Ratio:** The Insolvency & Bankruptcy Code, 2016 allows for the liquidation of a corporate

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**Reasoning:** The court considered the fact that after several attempts and the lapse of many months,

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**Interpretation:** The absence of a resolution plan indicates a failure to revive the Corporate

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**Application:** Given the absence of a resolution plan and the recommendation of the CoC, the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Rajeev Man…
- **Respondents:** Nvento Foods…

## Timeline

- **2017-08-23 — Petition Ad…**: HDFC Bank Limited's petition under…
- **2017-11-29 — Rajeev Mannadiar…**: Mr. Rajeev Mannadiar was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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