# In the matter of Dynamic Hatcheries Private Limited

> NCLT judgment dated 2023-07-25. Citation: TCN-2023-NCLT-02340. The case involves an application (IA(IBC)/1682(KB)2022) filed under section 33(2) of the…

- **Court:** NCLT
- **Order date:** 25 Jul 2023
- **Citation:** TCN-2023-NCLT-02340
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dynamic-hatcheries-private-limited-63daa1a7

## Summary

### Background

The case involves an application (IA(IBC)/1682(KB)2022) filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Dynamic Hatcheries Private Limited, the Corporate Debtor, seeking liquidation. The CIRP was initiated against Dynamic Hatcheries Private Limited based on a petition filed by Anmol Feeds Private Limited, an Operational Creditor. The initial IRP, Mr. Vijay Kumar Goel, was later replaced by Mr. Tarun Kumar Ray. Despite efforts, the RP faced challenges in obtaining necessary documents and information from the suspended directors of the Corporate Debtor. The Committee of Creditors (CoC) ultimately decided to pursue liquidation due to the lack of assets, business operations, and the inability to attract a

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## Facts

Anmol Feeds Private Limited, an Operational Creditor, initiated CIRP against Dynamic Hatcheries Private Limited. Vijay Kumar Goel was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Tarun Kumar Ray. The erstwhile IRP intimated the suspended members of the Board of Directors about the initiation of CIRP. Public announcements were made in "Business Standard" and "Aajkal" inviting claims from creditors. The first meeting of the Committee of Creditors (CoC) was held on 27/07/2022, where the non-submission of information and documents by the suspended members of the Corporate Debtor was discussed. Despite assurances, the suspended directors failed to provide the requested documents. The present applicant

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Dynamic Hatcheries Private …

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

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received before the expiry

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**Interpretation:** Section 33 of the IBC provides the framework for the Adjudicating Authority to

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**Application:** In this case, the CoC, with 100% voting share, decided to liquidate Dynamic

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Respondents:** Dynamic Hatcheries…; Anmol Feeds…

## Timeline

- **2022-06-30 — CIRP Init…**: CIRP was started against Dynamic…
- **2022-07-04 — Public Annou…**: Public announcement was published in "Business Standard" and "Aajkal" inviting claims…

## 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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