# In the matter of Two Brothers Beverages Private Limited I.A. 1527-2021 in Company Petition No. (IB) - 1748 (PB) -2019

> NCLT judgment dated 2021-05-20. Citation: TCN-2021-NCLT-02107. The application was filed by the Resolution Professional under Section 33(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 20 May 2021
- **Citation:** TCN-2021-NCLT-02107
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/two-brothers-beverages-private-limited-ia-1527-2021-in-company-petition-no-ib-17-211bd009

## Summary

### Background

The application was filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. Two Brothers Beverage Private Limited, following a decision by the Committee of Creditors (CoC).

## Facts

M/s. Reliance Commercial Finance Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for the initiation of the Corporate Insolvency Resolution Process ( CIRP ) against M/s. Two Brothers Beverage Private Limited, the corporate debtor. The application was admitted by the Tribunal on October 21, 2019, and Mr. Shailender Singh was appointed as the Interim Resolution Professional (IRP). Mr. Shailender Singh was later replaced by Mr. Vijay Kumar as the Resolution Professional (RP) at the first Committee of Creditors (CoC) meeting on November 21, 2019. This change was formalized by a Tribunal order dated December 11, 2019, following a CA No. 2728/2019 filed on December 3, 2019. The RP then issued a public

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Two Brothers Beverage Private Limited, should be liquidated due …

**Ratio:** When no resolution plan is approved by the Committee of Creditors within the stipulated

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**Reasoning:** The CoC, in its 10th meeting, rejected the submitted resolution plan and noted the

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**Interpretation:** The Tribunal interpreted Section 33(1)(a) of the Insolvency and Bankruptcy

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**Application:** Given that the CoC unanimously rejected the only submitted resolution plan and

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## Parties

- **Judges:** SHRI. B.S.V…; SHRI. HEMANT…; +2 more
- **Appellants:** Vijay K…; Reliance Commercia…; +1 more
- **Respondents:** M/s. TWO BROTHERS…; M/s. RELIANCE…
- **Advocates:** Namrata…; Priya Ch…

## Timeline

- **October 21, 2019 — CIRP Init…**: Application under Section 7 of the Code admitted, initiating CIRP against the Corporate…
- **November 21, 2019 — RP Replac…**: Mr. Shailender Singh replaced by Mr. Vijay Kumar as Resolution Professional at the first…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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