# In the matter of Rich Fruits Private Limited IA No. 208-2022 in C.P. (IB) No. 26-BB-2021

> NCLT judgment dated 2022-07-28. Citation: TCN-2022-NCLT-01542. The case involves an application (IA No. 208/2022) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 28 Jul 2022
- **Citation:** TCN-2022-NCLT-01542
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rich-fruits-private-limited-ia-no-208-2022-in-cp-ib-no-26-bb-2021-6d0cd123

## Summary

### Background

The case involves an application (IA No. 208/2022) filed by the Resolution Professional, Mr. Hari Babu Thota, of Rich Fruits Private Limited (Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application (CP (IB) No.26/BB/2021) filed by Hindustan Tin Works Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 02.02.2022, and Mr. Hari Babu Thota was appointed as the Interim Resolution Professional (IRP).

## Facts

Hindustan Tin Works Limited initiated Corporate Insolvency Resolution Process (CIRP) against Rich Fruits Private Limited by filing CP (IB) No.26/BB/2021 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 02.02.2022, and Mr. Hari Babu Thota was appointed as Interim Resolution Professional (IRP). A public announcement was made on 09.02.2022. The Interim Resolution Professional constituted a Committee of Creditors (CoC), with Shriram City Union Finance Limited as the sole creditor, holding 100% voting share. The first CoC meeting was held on 09.03.2022, confirming the appointment of the IRP as Resolution Professional (RP). The RP invited Expression of Interest (EOI), but no EOI was received. In the 3rd CoC meeting on 20.05.2022, the CoC

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority noted that the application was filed during the CIRP period

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**Interpretation:** Section 33(2) provides a specific scenario where liquidation can be initiated

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

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## Parties

- **Judges:** KISHORE VEMULAPALL…; Manoj Kumar…
- **Appellants:** M/s. Hindustan…
- **Respondents:** Rich Fruits…; M/s. Rich Fruits…

## Timeline

- **2021-01-01 — Filing of CP (IB)…**: CP (IB) No.26/BB/2021 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016…
- **2022-02-02 — Admission o…**: Corporate Insolvency Resolution Process (CIRP) admitted against Rich Fruits Private…

## Legal provisions

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

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