# In the matter of Vintage Foods & Industries Ltd. IA No. 274-2020 in C.P.(IB)No. 64-BB-2019

> NCLT judgment dated 2020-06-15. Citation: TCN-2020-NCLT-01165. The case involves M/s. Vintage Foods and Industries Limited, which initially filed for…

- **Court:** NCLT
- **Order date:** 15 Jun 2020
- **Citation:** TCN-2020-NCLT-01165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vintage-foods-industries-ltd-ia-no-274-2020-in-cpibno-64-bb-2019-ad2eaaac

## Summary

### Background

The case involves M/s. Vintage Foods and Industries Limited, which initially filed for Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, 2016. The CIRP was initiated, and an IRP was appointed. Subsequently, the IRP conducted the first meeting of the COC, where the COC voted against the IRP becoming the RP. The COC also voted against ratifying expenses and approving remuneration for the IRP. Six COC meetings were held, and the COC approved the initiation of liquidation of the Corporate Debtor, approval for expenditure incurred by RP, and the appointment of Mr. Pankaj Srivastava as Liquidator. The RP informed the COC that there was no chance of revival of the Corporate Debtor, which has been closed since 2003, and the COC recommended liquidation.

## Facts

M/s. Vintage Foods and Industries Limited initiated CIRP under Section 10 of IBC, 2016. The case was admitted on 2019-07-23, and Mr. Pankaj Khetan was appointed as IRP. The COC voted against the IRP becoming RP and approved liquidation. Six COC meetings were held, and the last meeting was on 2020-03-18. No viable resolution plan was received, and the company was not carrying on any business. The COC approved the initiation of liquidation, the appointment of Mr. Pankaj Srivastava as Liquidator, and the liquidation cost of Rs.3,25,000/-. The RP informed the COC that the CIRP completion period would expire on 2020-04-20 and there was no chance of revival. The RP filed an application for liquidation. The Corporate Debtor had only one land and old building in Thirupathur,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the absence of a resolution plan and the …

**Ratio:** Section 33 of the Code mandates the Adjudicating Authority to pass an order for

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**Reasoning:** The court reasoned that since no Expression of Interest was received, and there were no

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**Interpretation:** This section is interpreted to mean that if a corporate debtor is unable to

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**Application:** The court applied this ratio to the facts of the case, noting that no

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Narendra Kumar…
- **Respondents:** M/s. Vintage…

## Timeline

- **2018-05-14 — Board of Directors…**: Corporate Debtor's Board of…
- **2018-06-06 — Extra Ordinary General…**: Corporate Debtor held an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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