# In the matter of Gourmet Renaissance Private Limited

> NCLT judgment dated 2025-03-11. Citation: TCN-2025-NCLT-00374. The case involves an Interlocutory Application (I.A. 2097 of 2023) filed by the Liquidator of…

- **Court:** NCLT
- **Order date:** 11 Mar 2025
- **Citation:** TCN-2025-NCLT-00374
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gourmet-renaissance-private-limited-2ac34edf

## Summary

### Background

The case involves an Interlocutory Application (I.A. 2097 of 2023) filed by the Liquidator of M/s. Gourmet Renaissance Private Limited, seeking to recover diverted funds and assets from the respondents. The Corporate Debtor, Gourmet Renaissance Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.03.2019 and subsequently into liquidation on 05.08.2021. The liquidator discovered discrepancies in the Corporate Debtor's books, including written-off assets, doubtful transactions with M/s. Passion for Lifestyle Private Limited, and unrecovered debts. The application seeks to direct the respondents, who are the suspended Board of Directors, to contribute to the liquidation estate.

## Facts

The Corporate Debtor, Gourmet Renaissance Private Limited, entered CIRP on 11.03.2019 and liquidation on 05.08.2021. The liquidator discovered that kitchen equipment worth ₹6,56,36,549/- recorded in the balance sheet could not be located. Respondent No. 1 stated that kitchen equipment worth ₹3.80 Crores was confiscated by operational creditors. The books revealed that these assets were written off on 30.09.2017 without justification. An advance of ₹16,71,72,679/- to M/s. Passion for Lifestyle Private Limited was written off on 31.03.2018. Respondent No. 2 is a director of Passion for Lifestyle Private Limited, which operated from the Corporate Debtor's office and was struck off from the Registrar of Companies. Debts recoverable from Gaia Dairy Foods (₹1,20,00,000/-)

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## Issues and analysis

### Issue 1: Whether the respondents are liable to contribute to the Corporate Debtor's assets due to the …

**Ratio:** The principle is that directors are responsible for the assets of the company and cannot

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**Reasoning:** The court found that the respondents allowed operational creditors to confiscate kitchen

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**Interpretation:** This issue involves the interpretation of directors' duties in managing company

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**Application:** The court applied the principle by holding the respondents liable to contribute

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## Parties

- **Judges:** Prabhat…; V. G. Bisht…
- **Appellants:** Vaishali Pa…
- **Respondents:** M/s. Gourmet…; Suniel Hiroo…

## Timeline

- **2018-10-29 — Application u/…**: An Application u/s 9 of the I B Code was filed seeking initiation of CIRP in case of…
- **2019-03-11 — CIRP Admi…**: Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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