# In the matter of GB Foods India Trading Private Limited

> NCLT judgment dated 2024-06-07. Citation: TCN-2024-NCLT-01203. The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation…

- **Court:** NCLT
- **Order date:** 7 Jun 2024
- **Citation:** TCN-2024-NCLT-01203
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gb-foods-india-trading-private-limited-a5e40815

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation of M/s. GB Foods India Trading Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated in 2016, sought dissolution due to commercial unviability. The liquidator conducted the voluntary liquidation process as per IBBI regulations.

## Facts

M/s. GB Foods India Trading Private Limited, a company incorporated on October 14, 2016, filed for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016, due to commercial unviability. The company's main business was food products, logistics, consultation, advisory service, and business support services. It was a wholly-owned subsidiary of M/s. GB Foods Africa Holding Company S.L. The shareholding pattern as of August 23, 2023, showed GB Foods Africa Holding Company S.L. holding 99.99% and GB Foods Africa BV holding 0.01% of the shares. A board meeting on August 7, 2019, resolved to consider voluntary liquidation, and an Extraordinary General Meeting on August 8, 2019, passed a special resolution to liquidate the company and appoint a

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. GB Foods India Trading Private Limited was …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court examined the compliances made by the liquidator, including board meetings,

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**Interpretation:** The interpretation involves understanding the procedural requirements of

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**Application:** The court applied the ratio by verifying that the liquidator had conducted all

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Respondents:** M/s. GB FOODS…

## Timeline

- **2016-10-14 — Company Incor…**: The Petitioner Company was…
- **2019-08-07 — Board Me…**: A Board meeting was held to…

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