# In the matter of Best Bazaar Retail LLP IA(IBC)-51(KB)2023 in CP(IB)-1698(KB)2019

> NCLT judgment dated 2023-04-17. Citation: TCN-2023-NCLT-03780. The case involves an application (IA(IBC)/51(KB)2023) filed under section 33(2) of the…

- **Court:** NCLT
- **Order date:** 17 Apr 2023
- **Citation:** TCN-2023-NCLT-03780
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/best-bazaar-retail-llp-iaibc-51kb2023-in-cpib-1698kb2019-63615c26

## Summary

### Background

The case involves an application (IA(IBC)/51(KB)2023) filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Best Bazaar Retail LLP, the Corporate Debtor, seeking liquidation. The application is supported by an affidavit from the RP, Ms. Sarika Jain. The CIRP was initiated against Best Bazaar Retail LLP based on a petition filed by J D (India) Corporation, the Operational Creditor, under section 9 of the IBC. Public announcements were made inviting claims from creditors, but no resolution plan was received. The Committee of Creditors (CoC) was duly constituted, and several meetings were held to explore resolution options, including inviting Expression of Interest (EoI). However, no EoI was received from any

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## Facts

J D (India) Corporation, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Best Bazaar Retail LLP, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated vide order dated 06/09/2022. Ms. Sarika Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted on 29/09/2022. The CoC held several meetings to explore resolution options, including inviting Expression of Interest (EoI) through Form G. Despite these efforts, no EoI was received from any prospective resolution applicant. The CoC, with 100% voting share,

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(1)(a) of the IBC mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received within the CIRP

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**Interpretation:** Section 33 of the IBC provides a clear framework for liquidation in cases where

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**Application:** In this case, the absence of a resolution plan and the CoC's decision to

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Sarika…
- **Respondents:** Best Bazaar…; J.D. (INDIA)…

## Timeline

- **2022-09-06 — Initiation…**: CIRP initiated against Best Bazaar Retail LLP by J D (India) Corporation vide order dated…
- **2022-09-29 — Constitution…**: Committee of Creditors (CoC)…

## 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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