# In the matter of SR Marine Foods Private Limited

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01319. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Oct 2023
- **Citation:** TCN-2023-NCLT-01319
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sr-marine-foods-private-limited-3b56efad

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional of SR MARINE FOODS PRIVATE LIMITED, seeking an order for the liquidation of the Corporate Debtor. The CIRP of the Corporate Debtor was initiated on 06.06.2022, and Mr.S.Amarendran was appointed as the IRP. Subsequently, a public notice was issued, and a CoC was constituted, comprising Samunnati Agro Solutions as the operational creditor. The Applicant was appointed as the Resolution Professional on 28.10.2022. Claims from related party financial creditors were rejected by the Applicant. The Form-G was not published, and an application was filed to direct the erstwhile directors to cooperate. Despite a Tribunal order, cooperation was not

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## Facts

The Corporate Debtor, SR MARINE FOODS PRIVATE LIMITED, underwent CIRP initiated on 06.06.2022. Mr.S.Amarendran was initially appointed as the IRP, followed by the appointment of the Applicant as the Resolution Professional on 28.10.2022. The CoC was constituted, with Samunnati Agro Solutions holding a 67.77% voting share. Claims from related party financial creditors were rejected due to belated filing. The erstwhile promoters did not cooperate, preventing the preparation of the Information Memorandum and the publication of Form-G. The CoC, with a 99.98% majority, resolved to liquidate the Corporate Debtor on 19.12.2022, as the CIRP period expired on 20.12.2022. The IBBI recommended appointing a liquidator other than the RP/IRP. The CoC resolved to appoint Mr.K.J.Vinod

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, SR MARINE FOODS PRIVATE LIMITED, should be liquidated due to the …

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

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**Reasoning:** The Tribunal noted that the CoC, with a 99.98% voting share, resolved to liquidate the

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CIRP

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**Application:** The CoC's decision, supported by a 99.98% vote, and the failure of the CIRP

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## Parties

- **Judges:** SANJIV…; RAVICHANDRAN…
- **Appellants:** SPATIAL REAL…
- **Respondents:** SR MARINE FOODS…; MRS.ANEETHA…

## Timeline

- **2022-06-06 — CIRP Init…**: CIRP of the Corporate Debtor…
- **2022-06-25 — Public N…**: A public notice was published pursuant to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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