# In the matter of Gourmet Renaissances Private Limited

> NCLT judgment dated 2024-12-13. Citation: TCN-2024-NCLT-00058. The case involves an Interlocutory Application (IA (DIS.)/71/2024) in a Corporate Petition…

- **Court:** NCLT
- **Order date:** 13 Dec 2024
- **Citation:** TCN-2024-NCLT-00058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gourmet-renaissances-private-limited-408981b5

## Summary

### Background

The case involves an Interlocutory Application (IA (DIS.)/71/2024) in a Corporate Petition (C.P. (IB)/1661(MB)2018) filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Corporate Debtor, M/s. Gourmet Renaissance Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 11.03.2019, following a petition filed by an Operational Creditor under Section 9 of the IBC. Subsequently, a liquidation process was initiated on 05.08.2024, and a liquidator, Ms. Vaishali Arun Patrikar, was appointed. The liquidator took steps to realize the assets of the Corporate Debtor, including shares and potential recoveries from fraudulent transactions. Due to time constraints and pending

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## Facts

On 11.03.2019, Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Gourmet Renaissance Private Limited based on a petition filed by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, on 05.08.2024, a liquidation process was initiated, and Ms. Vaishali Arun Patrikar was appointed as the liquidator. The liquidator made a public announcement inviting claims from stakeholders. The total admitted claims amounted to Rs. 46,86,11,815/-. The liquidator formed a Stakeholders Consultation Committee (SCC). The liquidator opened and closed multiple bank accounts for liquidation purposes. The Corporate Debtor had limited assets, including some kitchen equipment and shares in The Nasik Merchants Co-operative Bank

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application for the dissolution of the Corporate Debtor, M/s. Gourmet …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides that where the assets of

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**Reasoning:** The court considered the submissions made by the liquidator that the liquidation process

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the liquidation process

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**Application:** In this case, the liquidator had completed the liquidation process, realized

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Deepak Advertising…
- **Respondents:** Gourmet Renaissanc…; Gourmet Renaissanc…

## Timeline

- **2018-01-01 — CP (IB) No. 166…**: Main Company Petition…
- **2019-03-11 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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