# In the matter of Nvento Foods Technologies Pvt. Ltd. IA No. 222 of 2023 in CP No. 639-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2023-02-03. Citation: TCN-2023-NCLT-04796. The case pertains to an application by the Liquidator of Nvento Foods Technologies Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 3 Feb 2023
- **Citation:** TCN-2023-NCLT-04796
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nvento-foods-technologies-pvt-ltd-ia-no-222-of-2023-in-cp-no-639-ibc-nclt-mb-mah-7d365ccc

## Summary

### Background

The case pertains to an application by the Liquidator of Nvento Foods Technologies Pvt. Ltd. seeking dissolution of the Corporate Debtor under Sections 54 and 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition under Section 7 of the Code, which was admitted on 2017-08-23. Initially, Mr. Sanjay Lunkad was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Rajeev Mannadiar. The CoC extended the CIRP period, but no resolution plan was received, leading to a decision to liquidate the Corporate Debtor on 2019-01-28, with the Applicant being

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Nvento Foods Technologies Pvt. Ltd. based on a petition under Section 7 of the Insolvency & Bankruptcy Code (IBC). The petition was admitted on 2017-08-23. Initially, Mr. Sanjay Lunkad was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Rajeev Mannadiar. The Committee of Creditors (CoC) extended the CIRP period by 90 days. However, no resolution plan was received. Consequently, the CoC recommended that the Corporate Debtor be liquidated. An order for liquidation was passed on 2019-01-28, and the Applicant was appointed as the liquidator. The liquidator appointed two registered valuers, Mr. Sanjay Dayal and Mr. P Madhu, to value the Plant and Machinery.

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor was conducted in accordance with the …

**Ratio:** The ratio is that the liquidation process must adhere to the provisions of the Insolvency

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**Reasoning:** The court examined the submissions made by the Counsel appearing for the Applicant and

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**Interpretation:** The interpretation is that the court must ensure that the liquidator has

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**Application:** In this case, the court found that the liquidator had followed all the

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Mahesh S…
- **Respondents:** Nvento Foods…; HDFC Bank…

## Timeline

- **2017-08-23 — CIRP Admi…**: Company Petition…
- **2017-08-23 — Appointment…**: Mr. Sanjay Lunkad was appointed as the…

## Legal provisions

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

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