# In the matter of Reliable Cashew Company Private Limited

> NCLT judgment dated 2024-08-09. Citation: TCN-2024-NCLT-00847. The application IA(IBC)/2308(CHE)/2023 was filed under Section 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Aug 2024
- **Citation:** TCN-2024-NCLT-00847
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliable-cashew-company-private-limited-d046f9d4

## Summary

### Background

The application IA(IBC)/2308(CHE)/2023 was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 by Mr. Ravindra Beleyur, the Resolution Professional of Reliable Cashew Company Private Limited, seeking an order for the liquidation of the Corporate Debtor and his appointment as the Liquidator. The Corporate Debtor was admitted to CIRP on 2023-06-22. The CoC, in its 4th meeting held on 2023-10-19, resolved with 100% voting to liquidate the Corporate Debtor, as no viable resolution plan was received. Only one prospective resolution applicant submitted a plan, which was deemed non-responsive. The company has not been operative since FY 2020-27, with no significant turnover. The CoC authorized Mr. Ravindra Beleyur to submit the necessary application to the

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## Facts

The Corporate Debtor, Reliable Cashew Company Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2023-06-22. Mr. Ravindra Beleyur served as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, comprising State Bank of India (74.974% voting share), Samunnati Financial Intermediation & Services Private Limited (6.177% voting share), and IndusInd Bank Ltd (18.849% voting share). Despite inviting Expression of Interest (EoI), only one Prospective Resolution Applicant (PRA), Rare Asset Construction Limited, submitted a Resolution Plan on 2023-10-13. This plan was discussed in the 4th CoC meeting on 2023-10-16 but was deemed non-responsive. On 2023-10-19, the CoC, with 100% voting, resolved to liquidate the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Reliable Cashew Company Private …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The CoC, with 100% voting share, resolved to liquidate the Corporate Debtor due to the

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC,

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**Application:** In this case, the CoC's unanimous decision to liquidate the Corporate Debtor,

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** RavindraB…
- **Respondents:** Reliable Cashew…

## Timeline

- **2023-06-22 — CIRP Init…**: Corporate Debtor…
- **2023-06-26 — Public Annou…**: Applicant issued public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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