# In the matter of Fipola Retail (India) Private Limited

> NCLT judgment dated 2024-02-08. Citation: TCN-2024-NCLT-02697. The case pertains to IA(IBC)/1698(CHE)/2023 in CP(IB)/230/CHE/2022 filed under Section 33 of…

- **Court:** NCLT
- **Order date:** 8 Feb 2024
- **Citation:** TCN-2024-NCLT-02697
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fipola-retail-india-private-limited-fead78c5

## Summary

### Background

The case pertains to IA(IBC)/1698(CHE)/2023 in CP(IB)/230/CHE/2022 filed under Section 33 of the Insolvency & Bankruptcy Code regarding M/s. Fipola retail (India) Private Limited. The Corporate Debtor, M/s. Fipola retail (India) Private Limited, was admitted into the Corporate Insolvency Resolution Process (CIRP) vide an order dated 02.05.2023. Ms Deepa Venkat Ramani was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sudhir G.S. The Committee of Creditors (CoC) unanimously recommended the liquidation of the Corporate Debtor due to the lack of prospects for revival and the cost of continuing the CIRP outweighing the realizable amount from the assets.

## Facts

M/s. Fipola retail (India) Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2023-05-02. Ms. Deepa Venkat Ramani was appointed as the Interim Resolution Professional (IRP). Mr. Sudhir G.S. replaced Ms. Ramani as the Resolution Professional (RP) on 2023-06-15. The Committee of Creditors (CoC) was constituted on 2023-05-19. The 3rd CoC meeting held on 2023-08-23, unanimously recommended liquidation due to no prospects of revival and high CIRP costs. The 4th CoC meeting resolved to appoint Mr. Sankar Varadharajan as the liquidator. The RP expressed unwillingness to continue as liquidator. The RP submitted FORM-H as per IBBI regulations. There are no applications pending under section 43, section 45, and section 65 of IBC. The Adjudicating

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Fipola retail …

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

…

**Reasoning:** The CoC unanimously recommended liquidation due to the lack of prospects for revival and

…

**Interpretation:** Section 33(2) provides the legal basis for liquidating a corporate debtor when

…

**Application:** The CoC's unanimous recommendation, coupled with the Corporate Debtor's poor

…

## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Respondents:** M/s. Fipola…
- **Advocates:** A.G. Sathyanarayan…

## Timeline

- **2023-05-02 — Admission in…**: M/s. Fipola retail (India) Private Limited was admitted into the Corporate Insolvency…
- **2023-05-05 — Public Annou…**: Publication of Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fipola-retail-india-private-limited-fead78c5