# In the matter of Arambagh Hatcheries Limited

> NCLT judgment dated 2024-05-01. Citation: TCN-2024-NCLT-01486. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 1 May 2024
- **Citation:** TCN-2024-NCLT-01486
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arambagh-hatcheries-limited-d5d58c33

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Arambagh Hatcheries Limited following a petition filed by Phoenix Arc Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Despite attempts to find a resolution plan, none were submitted, leading the Committee of Creditors (CoC) to propose liquidation with a 99.77% vote. The Resolution Professional (RP) filed an application seeking liquidation.

## Facts

Phoenix Arc Private Limited initiated CIRP against Arambagh Hatcheries Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Sanjai Kumar Gupta was initially appointed as the Interim Resolution Professional (IRP), later replaced by Pinaki Sircar. Despite publishing Form G twice to invite expressions of interest, no resolution plan was submitted. The CoC, in its 22nd meeting, voted with 99.77% to liquidate the Corporate Debtor and proposed Decode Resolvency international Pvt Ltd as the liquidator. The RP then filed an application seeking liquidation, citing the absence of any resolution plan. The Adjudicating Authority approved the liquidation and appointed Sanjay Kumar Poddar as the liquidator.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Arambagh Hatcheries Limited, should be liquidated under Section 33(2) …

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

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**Reasoning:** The CoC, with a 99.77% vote, approved the liquidation of Arambagh Hatcheries Limited due

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**Interpretation:** Section 33(2) provides a clear directive for liquidation when the CIRP process

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**Application:** Given that the CIRP for Arambagh Hatcheries Limited did not result in any

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Phoenix Arc…
- **Respondents:** Arambagh Hatcherie…

## Timeline

- **2022-05-13 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2022-11-11 — 1st CoC M…**: The first meeting of the…

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