# In the matter of Reliable Cashew Company Pvt. Ltd.

> NCLT judgment dated 2024-05-31. Citation: TCN-2024-NCLT-01270. The application IA(IBC)/2308(CHE)/2023 was filed under Section 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 31 May 2024
- **Citation:** TCN-2024-NCLT-01270
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliable-cashew-company-pvt-ltd-419835ed

## 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. The application sought an order for the liquidation of the Corporate Debtor and the appointment of a Liquidator. The Corporate Debtor's CIRP was initiated on 22.06.2023. The Resolution Professional issued a public announcement on 26.06.2023 and received claims from three Financial Creditors. The CoC was formed, and the Resolution Professional was confirmed in the first meeting on 20.07.2023. Form-G was published on 08.08.2023 to invite Expression of Interest (EoI). After the third CoC meeting on 02.09.2023, an information memorandum, evaluation matrix, and

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## Facts

Reliable Cashew Company Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 22.06.2023. Mr. Ravindra Beleyur was appointed as the Resolution Professional. The Resolution Professional issued a public announcement on 26.06.2023, leading to the constitution of a Committee of Creditors (CoC) comprising State Bank of India, Samunnati Financial Intermediation & Services Private Limited, and IndusInd Bank Ltd. The CoC confirmed the Resolution Professional on 20.07.2023. An Expression of Interest (EoI) was invited, and only one Prospective Resolution Applicant (PRA), Rare Asset Construction Limited, submitted a Resolution Plan on 13.10.2023. The CoC deemed the plan non-responsive and decided to liquidate the Corporate Debtor on 19.10.2023

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

**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, resolved to liquidate the Corporate Debtor due to the absence

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** In this case, the CoC, with 100% voting share, decided to liquidate Reliable

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## Parties

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

## Timeline

- **2023-06-22 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2023-06-26 — Public Annou…**: The Applicant issued a…

## 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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