# In the matter of Madhur Nourishment Products LLP I.A. 2663 OF 2021 in C.P.(IB) No. 236 of 2020

> NCLT judgment dated 2023-03-01. Citation: TCN-2023-NCLT-04397. The case involves an application (I.A. No. 2663/2021) filed by the Resolution Professional, Ms.…

- **Court:** NCLT
- **Order date:** 1 Mar 2023
- **Citation:** TCN-2023-NCLT-04397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/madhur-nourishment-products-llp-ia-2663-of-2021-in-cpib-no-236-of-2020-aab0de38

## Summary

### Background

The case involves an application (I.A. No. 2663/2021) filed by the Resolution Professional, Ms. Akansha Ashish Rathi, seeking liquidation of Madhur Nourishment Products LLP (the Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Shivkumar Suppliers, an Operational Creditor. The Committee of Creditors (CoC) was formed, with Canara Bank being the sole Financial Creditor holding 100% voting share. Several meetings of the CoC were held to explore resolution options, including the appointment of a Transaction Auditor and Registered Valuers. However, no resolution plan was received within the CIRP period.

## Facts

The Resolution Professional, Ms. Akansha Ashish Rathi, filed an application seeking liquidation of Madhur Nourishment Products LLP (Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated following a petition by Shivkumar Suppliers (Operational Creditor). Canara Bank was the sole Financial Creditor with 100% voting share in the Committee of Creditors (CoC). Several CoC meetings were held, including the appointment of a Transaction Auditor (M/s R.G. Gandhi & Co.) and Registered Valuers. The Transaction Auditor's report, dated 04.08.2021, covered the period from 1st April 2017 to 20th February 2020. Despite efforts, no resolution plan was received. The CoC approved the liquidation of the Corporate Debtor. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Madhur Nourishment Products LLP, …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The Tribunal observed that the CoC, with 100% voting share, had approved the liquidation

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**Interpretation:** Section 33(1) provides a clear pathway for liquidation when resolution efforts

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**Application:** In this case, the CoC, being the sole financial creditor, determined that

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Akansha Ashish…
- **Respondents:** Madhur Nourishment…; Shivkumar…

## Timeline

- **2020-02-20 — Admission of…**: The Tribunal admitted the petition filed under Section 9 of the Code, initiating CIRP…
- **2020-02-20 — IRP Public Ann…**: The IRP published a Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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