# In the matter of Dynamic Hatcheries Private Limited

> NCLT judgment dated 2023-07-25. Citation: TCN-2023-NCLT-02356. 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-02356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dynamic-hatcheries-private-limited-69fb5773

## 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 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 suspended directors of the Corporate Debtor failed to provide necessary documents and information, hindering the resolution process. The Committee of Creditors (CoC) determined that the Corporate Debtor had no business, assets, or infrastructure to attract a resolution plan, leading to the decision to pursue

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## Facts

Dynamic Hatcheries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application by Anmol Feeds Private Limited, an Operational Creditor. Vijay Kumar Goel was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Tarun Kumar Ray. The CIRP initiation was hampered by the non-cooperation of the suspended directors of Dynamic Hatcheries, who failed to provide necessary documents and information. The Committee of Creditors (CoC) determined that the Corporate Debtor had no viable business, assets, or infrastructure to attract a resolution plan. The CoC, with 100% voting share, decided to file an application for liquidation. The 180-day CIRP period expired on 2022-12-26 without any resolution plan. The

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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(2) of the IBC provides that the Adjudicating Authority shall pass a

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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…
- **Appellants:** Anmol Feeds…
- **Respondents:** Dynamic Hatcheries…

## Timeline

- **2022-06-30 — CIRP Init…**: CIRP initiated against Dynamic…
- **2022-07-04 — Public Annou…**: Public announcement made in 'Business Standard' and 'Aajkal' inviting claims from…

## 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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