# 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-05058. The case involves an application filed by Mr. Atul Sheth, the Resolution Professional of M/s.…

- **Court:** NCLT
- **Order date:** 13 Jan 2023
- **Citation:** TCN-2023-NCLT-05058
- **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-e0f15a9c

## Summary

### Background

The case involves an application filed by Mr. Atul Sheth, the Resolution Professional of M/s. Captivate Foods Pvt. Ltd. ('Corporate Debtor'), under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process ('CIRP') was initiated following an application filed by Givaudan (India) Pvt. Ltd. under Section 9 of the Code. The Adjudicating Authority admitted the application on 25.04.2022 and appointed the Applicant as the Interim Resolution Professional ('IRP'). Public announcement was made on 01.05.2022, and claims were invited. The Committee of Creditors (CoC), comprising Bank of India, was constituted. In the first CoC meeting on 25.05.2022, the IRP was confirmed as Resolution

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## Facts

Givaudan (India) Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Captivate Foods Private Limited ('Corporate Debtor'). The Adjudicating Authority admitted the application on 25.04.2022 and appointed Mr. Atul Sheth as the Interim Resolution Professional (IRP). A public announcement was made on 01.05.2022, inviting claims. The Committee of Creditors (CoC) was formed, consisting of Bank of India. In the first CoC meeting on 25.05.2022, Mr. Atul Sheth was confirmed as the Resolution Professional (RP). The RP apprised the CoC that the Corporate Debtor had no assets, and the suspended Directors had absconded with all assets, including Plant & Machinery.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

**Ratio:** The decision of the Committee of Creditors (CoC) recommending liquidation of the

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

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

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**Application:** In this case, the CoC decided to liquidate the Corporate Debtor due to the

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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 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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