# B.K. Interiors through Proprietor Pralhad Sutar vs Danesita Phadnis Food Industries Limited (IA(IBC)(LIQ.) 7/2024)

> NCLT judgment dated 2024-02-23. Citation: TCN-2024-NCLT-02423. The case involves an application (I.A. No. 7/2024) filed by the Resolution Professional seeking…

- **Court:** NCLT
- **Order date:** 23 Feb 2024
- **Citation:** TCN-2024-NCLT-02423
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bk-interiors-through-proprietor-pralhad-sutar-vs-danesita-phadnis-food-industrie-feba9e10

## Summary

### Background

The case involves an application (I.A. No. 7/2024) filed by the Resolution Professional seeking liquidation of Danesita Phadnis Food Industries Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 9 of the Code filed by B.K. Interiors, the Operational Creditor. The Committee of Creditors (CoC) determined that the Corporate Debtor was not a going concern, had minimal assets in scrap condition, and had been non-operational for 5-6 years with no transactions in its bank accounts. The CoC resolved with 100% voting to liquidate the Corporate Debtor.

## Facts

B.K. Interiors, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Danesita Phadnis Food Industries Limited (Corporate Debtor). The Tribunal admitted the petition on 2023-06-21, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Mahesh Surekha was initially appointed as the Interim Resolution Professional, but later replaced by the Applicant, Ms. Palak Swapnil Desai, as the Resolution Professional on 2023-09-18. The Committee of Creditors (CoC) held meetings on 2023-10-27 and 2023-12-07 to discuss the Corporate Debtor's status. The CoC determined that the Corporate Debtor was not a going concern, had been non-operational for 5-6 years, possessed minimal assets in scrap condition, and lacked

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## Issues and analysis

### Issue 1: Whether the application I.A. No. 7/2024 filed by the Resolution Professional seeking liquidation of …

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

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**Reasoning:** The Committee of Creditors (CoC) determined that the Corporate Debtor was not a going

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**Interpretation:** Section 33(2) provides the legal basis for the CoC's decision to liquidate the

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**Application:** The CoC's decision to liquidate the Corporate Debtor was based on its

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** B.K. Inte…
- **Respondents:** DANESITA PHADNIS…

## Timeline

- **2023-06-21 — Admission of…**: The Tribunal admitted the petition under Section 9 of the Code filed by B.K. Interiors,…
- **2023-09-18 — Replacement…**: The Applicant was replaced…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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