# In the matter of Riga Sugar Co Limited IA (IB) No.1139-KB-2022 in CP (IB) No. 68-KB-2021

> NCLT judgment dated 2023-04-11. Citation: TCN-2023-NCLT-03866. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 11 Apr 2023
- **Citation:** TCN-2023-NCLT-03866
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/riga-sugar-co-limited-ia-ib-no1139-kb-2022-in-cp-ib-no-68-kb-2021-4985168e

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Riga Sugar Co Limited, based on the instructions of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Riga Sugar Co Limited following a petition filed by Anit Finvest Private Limited (financial creditor) under section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Neeraj Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The CoC was duly constituted, and meetings were held to discuss the resolution process. Despite inviting Expressions of Interest (EOIs), the

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## Facts

Anit Finvest Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Riga Sugar Co Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 08.10.2021. Mr. Neeraj Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) on 08.11.2021. Public announcements were made on 10.10.2021, inviting claims with a deadline of 22.10.2021. The Committee of Creditors (CoC) was constituted on 30.10.2021. The first CoC meeting was held on 08.11.2021, where the appointment of the RP was resolved. Expressions of Interest (EOIs) were invited, with a final submission date of January 6, 2022, later extended to January 17, 2022. Eight EOIs

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional seeking liquidation of the Corporate …

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

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**Reasoning:** The court reasoned that the CoC had resolved with 84.56% voting share to liquidate the

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when resolution efforts

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**Application:** In this case, the CoC's decision to liquidate Riga Sugar Co Limited, supported

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Riga Sugar Co…
- **Advocates:** Mr Rahu…; Mr Surendar…; +3 more

## Timeline

- **2021-10-08 — Order by Adjudicating…**: The Adjudicating Authority passed an order on a Petition filed by Anit Finvest Private…
- **2021-10-10 — Public Annou…**: Public announcement was made in Financial Express, Morning India, Ek Din, and Sanmarg,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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