# In the matter of Good-Day Foods Private Limited

> NCLT judgment dated 2023-08-03. Citation: TCN-2023-NCLT-02179. The case involves an application (IA-2287/2023) filed in an ongoing Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 3 Aug 2023
- **Citation:** TCN-2023-NCLT-02179
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/good-day-foods-private-limited-64a6d48d

## Summary

### Background

The case involves an application (IA-2287/2023) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) concerning Good-Day Foods Private Limited. The CIRP was initiated by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP), Mr. Jeetendra Rajpal Daryani, filed the application seeking liquidation of the Corporate Debtor under Section 33(2) of the IBC. Public announcements were made to invite claims from creditors, and meetings of the Committee of Creditors (CoC) were convened. Despite these efforts, no resolution plan was received, and the CoC resolved to proceed with liquidation.

## Facts

Small Industries Development Bank of India (SIDBI) initiated Corporate Insolvency Resolution Process (CIRP) against Good-Day Foods Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Jeetendra Rajpal Daryani was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, and Committee of Creditors (CoC) meetings were held. The first CoC meeting was convened on 07.02.2023. The second CoC meeting was convened on 03.03.2023, where the CoC resolved to appoint the Applicant as the Resolution Professional for the remaining period of CIRP. The third CoC meeting was held on 10.04.2023, where the CoC resolved to proceed with the liquidation of the Corporate Debtor due to the absence of any

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Good-Day Foods Private Limited, …

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

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**Reasoning:** The Adjudicating Authority considered the fact that the CIRP period was expiring, the

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**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails to achieve a

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Small Industries…
- **Respondents:** Good-Day Foods…; Good Day Foods…

## Timeline

- **2023-01-05 — Order for CIRP…**: Tribunal passed an order initiating Corporate Insolvency Resolution Process (CIRP)…
- **2023-01-12 — Public Annou…**: Public announcement inviting claims from the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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