# In the matter of Vegan Colloids LImited CA No. 360-2018 In CP (IB) No.72-Chd-Hry-2017

> NCLT judgment dated 2018-10-10. Citation: TCN-2018-NCLT-00611. The case pertains to the insolvency resolution process of Vegan Colloids Limited. Bank of…

- **Court:** NCLT
- **Order date:** 10 Oct 2018
- **Citation:** TCN-2018-NCLT-00611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vegan-colloids-limited-ca-no-360-2018-in-cp-ib-no72-chd-hry-2017-67b28c5b

## Summary

### Background

The case pertains to the insolvency resolution process of Vegan Colloids Limited. Bank of India, the Financial Creditor, filed CP(IB) No. 72/Chd/Hry/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2017-11-24, and a moratorium was declared. Anil Kohli was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) comprising Bank of India and Punjab National Bank. The CoC confirmed Anil Kohli as the Resolution Professional. CA No. 360/2018 was filed by the Resolution Professional for liquidation under Section 33(2) of the Code, based on the CoC's decision on 2018-08-14, as no viable resolution plan was received.

## Facts

Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Vegan Colloids Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated due to the corporate debtor's inability to pay its debts. The petition was admitted on 2017-11-24, leading to a moratorium. Anil Kohli was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, consisting of Bank of India (55.93% voting share) and Punjab National Bank (44.07% voting share). The initial 180-day period for CIRP ended on 2018-05-23, and was extended by 90 days, ending on 2018-08-21. True Value Traders submitted a resolution plan, depositing ₹50 lacs as earnest money. The

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, Vegan …

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

…

**Reasoning:** The Committee of Creditors (CoC) did not find the resolution plan submitted by True Value

…

**Interpretation:** Section 33(2) provides a clear legal basis for initiating liquidation

…

**Application:** Since no viable resolution plan was received within the stipulated time frame,

…

## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Bank of…
- **Respondents:** Vegan Colloids…
- **Advocates:** Abhishek…

## Timeline

- **2017-11-24 — Petition Ad…**: The petition filed by Bank of India was…
- **2017-12-04 — Appointment…**: Mr. Anil Kohli was appointed as the…

## 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)

---

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/vegan-colloids-limited-ca-no-360-2018-in-cp-ib-no72-chd-hry-2017-67b28c5b