# In the matter of Gayatri Sea Foods And Feeds Private Limited

> NCLT judgment dated 2023-10-09. Citation: TCN-2023-NCLT-01333. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s…

- **Court:** NCLT
- **Order date:** 9 Oct 2023
- **Citation:** TCN-2023-NCLT-01333
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gayatri-sea-foods-and-feeds-private-limited-ff2e89b0

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Gayatri Seafoods and Feeds Private Limited by Uni-President Vietnam Co. Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide order dated 13.01.2021. Mr. Kasi Srinivas was appointed as the Interim Resolution Professional and later as the Resolution Professional. No resolution plans were received, and the Committee of Creditors (COC) decided to liquidate the Corporate Debtor. An application was filed for liquidation, which was allowed on 22.09.2021. The liquidator then proceeded with the liquidation process, including public announcements, verification of claims, and constitution of a Committee of Stakeholders. The liquidator conducted a

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## Facts

Uni-President Vietnam Co. Ltd initiated Corporate Insolvency Resolution Process (CIRP) against M/s Gayatri Seafoods and Feeds Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 13.01.2021. Kasi Srinivas was appointed as the Interim Resolution Professional and later as the Resolution Professional. No resolution plans were received, leading to the decision to liquidate the Corporate Debtor. IA No.402/2021 was filed for liquidation and allowed on 22.09.2021. The liquidator made public announcements and constituted a Committee of Stakeholders. Claims were verified, and a list of stakeholders was filed. The liquidator opened a new bank account for the Corporate Debtor in liquidation. A Committee of Stakeholders was constituted

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the IBC lays down the criteria for dissolution of the Corporate Debtor.

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**Reasoning:** The Tribunal considered the fact that the assets of the corporate debtor have been

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**Interpretation:** Section 54 of the IBC provides the legal basis for dissolving a corporate

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**Application:** In this case, the liquidator has demonstrated that the assets of M/s Gayatri

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Uni President…
- **Respondents:** Gayatri Seafoods…; Gayatri Sea Foods…

## Timeline

- **2019-01-01 — CP(IB) F…**: C.P. (IB) No.469/9/HDB/2…
- **2021-01-13 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated under section 9 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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