# In the matter of Stratus Foods Pvt. Ltd. IA 489-2018 In C.P. (IB) No. 03-NCLT-AHM-2017

> NCLT judgment dated 2019-01-31. Citation: TCN-2019-NCLT-05082. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Jan 2019
- **Citation:** TCN-2019-NCLT-05082
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/stratus-foods-pvt-ltd-ia-489-2018-in-cp-ib-no-03-nclt-ahm-2017-944c70f8

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) Mr. Nirav A. Tarkas for the liquidation of the Corporate Debtor Company, M/s. Stratus Foods Pvt. Ltd. The Committee of Creditors (CoC) passed a resolution on 06.01.2018 recommending liquidation. The Adjudicating Authority admitted the main Company Petition on 10.04.2017 at the instance of an Operational Creditor, M/s. Umiya Trading, initiating the Corporate Insolvency Resolution Process (CIRP). The CoC was constituted by the Interim Resolution Professional (IRP), who was later reappointed as RP. The factory and office of the company were shut down due to illegal industrial unrest since 14.02.2017, and the electricity supply was cut

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## Facts

The Corporate Debtor, M/s. Stratus Foods Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) after an application was admitted on 10.04.2017 based on a petition by operational creditor M/s. Umiya Trading. The Resolution Professional (RP), Mr. Nirav A. Tarkas, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) for liquidation, supported by a resolution from the Committee of Creditors (CoC) dated 06.01.2018. The CoC's decision was influenced by the fact that the company's factory and office had been shut down since 14.02.2017 due to illegal industrial unrest, and its electricity supply was cut off. The company had 42 operational creditors with claims of Rs. 5,12,43,871 and 6 secured creditors with claims of Rs.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the resolution passed by the Committee of …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the facts, circumstances, and the state of affairs

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**Interpretation:** Section 33(2) provides a clear mechanism for the liquidation of a corporate

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**Application:** In this case, the CoC, representing the creditors, had resolved to liquidate

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Respondents:** Stratus Foods…

## Timeline

- **2017-04-10 — Admission of Company…**: The Adjudicating Authority admitted the main Company Petition (bearing No. CP (IB)…
- **2017-02-14 — Factory Sh…**: The factory and office of the company were completely shut down due to illegal industrial…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/stratus-foods-pvt-ltd-ia-489-2018-in-cp-ib-no-03-nclt-ahm-2017-944c70f8