# In the matter of Captivate Foods Private Limited I.A. No. 609 of 2022
in C.P. (I.B.) No.562-AHM-2019

> NCLT judgment dated 2023-01-13. Citation: TCN-2023-NCLT-05041. The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 13 Jan 2023
- **Citation:** TCN-2023-NCLT-05041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/captivate-foods-private-limited-ia-no-609-of-2022-in-cp-ib-no562-ahm-2019-ad25a6f9

## Summary

### Background

The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of Captivate Foods Private Limited. Givaudan (India) Pvt. Ltd. had filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the application on 25.04.2022 and appointed an Interim Resolution Professional (IRP). The applicant made a public announcement on 01.05.2022 and constituted a Committee of Creditors (CoC) with Bank of India as the sole financial creditor. In the first CoC meeting on 25.05.2022, the IRP was confirmed as the Resolution Professional (RP).

## Facts

Givaudan (India) Pvt. Ltd. initiated CIRP against Captivate Foods Private Limited under Section 9 of the IBC. The Adjudicating Authority admitted the application on 2022-04-25 and appointed an Interim Resolution Professional (IRP). The IRP made a public announcement on 2022-05-01 and constituted a Committee of Creditors (CoC) with Bank of India as the sole financial creditor. During the first CoC meeting on 2022-05-25, the IRP was confirmed as the Resolution Professional (RP). The RP informed the CoC that the Corporate Debtor had no assets, and its directors had absconded with all assets, including plant and machinery financed by Bank of India. Consequently, the CoC decided not to invite resolution plans and instead opted for early liquidation and dissolution of the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Captivate Foods Pvt. Ltd., under …

**Ratio:** The decision of the Committee of Creditors (CoC) to liquidate the Corporate Debtor is a

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**Reasoning:** The Adjudicating Authority considered the submissions and documents on record and noted

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

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**Application:** Given the CoC's decision and the absence of assets, the Adjudicating Authority

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Atul S…
- **Respondents:** M/s. Captivate…; Suspended…

## Timeline

- **2022-04-25 — Admission of Ap…**: The Adjudicating Authority admitted the application filed by Givaudan (India) Pvt. Ltd.…
- **2022-05-01 — Public Annou…**: The applicant made the public…

## 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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