# In the matter of Shree Meenakshi Food Products Pvt. Ltd. IA No. 1137-2020 in C.P.(IB) No. 3895-MB-2018

> NCLT judgment dated 2021-02-25. Citation: TCN-2021-NCLT-02916. The case pertains to an application filed by the Resolution Professional for the liquidation of…

- **Court:** NCLT
- **Order date:** 25 Feb 2021
- **Citation:** TCN-2021-NCLT-02916
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-meenakshi-food-products-pvt-ltd-ia-no-1137-2020-in-cpib-no-3895-mb-2018-fb3152f9

## Summary

### Background

The case pertains to an application filed by the Resolution Professional for the liquidation of Shree Meenakshi Food Products Pvt Ltd, the Corporate Debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was conducted, but no Resolution Applicant showed interest in filing a Resolution Plan. The Committee of Creditors (CoC), consisting of only one member, M/s Saroj Traders, decided to liquidate the Corporate Debtor in its meeting held on January 7, 2020.

## Facts

The Resolution Professional filed an application for the liquidation of Shree Meenakshi Food Products Pvt Ltd, the Corporate Debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was conducted, but no Resolution Applicant showed interest in filing a Resolution Plan. The Committee of Creditors (CoC), consisting of only one member, M/s Saroj Traders, decided to liquidate the Corporate Debtor in its meeting held on January 7, 2020. Mr. Vimal Agarwal, the Resolution Professional, consented to act as the Liquidator. The NCLT considered the application in consonance with Section 33 of the Code. The key fact is the failure of the CIRP, leading to the CoC's decision to liquidate, which prompted the Resolution

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Shree Meenakshi Food Products Pvt Ltd, should be liquidated under …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The court reasoned that since the CIRP had been conducted and no Resolution Applicant

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**Interpretation:** Section 33 is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** In this case, the CIRP failed, and the CoC decided to liquidate. Therefore, the

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## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** Kousalya Arecanut…
- **Respondents:** Shree Meenakshi…

## Timeline

- **2020-01-07 — CoC Meet…**: The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor, Shree…
- **2021-02-25 — NCLT Ord…**: The NCLT ordered the liquidation of the Corporate Debtor and appointed Mr. Vimal Kumar…

## 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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