# In the matter of SR Marine Foods Private Limited

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01325. The application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by…

- **Court:** NCLT
- **Order date:** 10 Oct 2023
- **Citation:** TCN-2023-NCLT-01325
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sr-marine-foods-private-limited-ee083057

## Summary

### Background

The application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional of the Corporate Debtor, SR MARINE FOODS PRIVATE LIMITED, seeking an order for liquidation. The CIRP of the Corporate Debtor was initiated on 06.06.2022, and Mr. S. Amarendran was appointed as the IRP. A public notice was published on 25.06.2023, and the CoC was constituted, comprising Samunnati Agro Solutions as an 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 the CIRP period expired on 20.12.2022. The CoC resolved to liquidate the Corporate Debtor.

## Facts

The Corporate Debtor, SR MARINE FOODS PRIVATE LIMITED, underwent CIRP, initiated on 06.06.2022. Mrs. Aneetha Subramaniam was appointed as the Resolution Professional. Claims from related party financial creditors were rejected. The Information Memorandum (Form-G) was not published. The CIRP period expired on 20.12.2022. The CoC, with a 99.98% majority, resolved to liquidate the Corporate Debtor. The Insolvency and Bankruptcy Board of India recommended appointing a liquidator other than the RP/IRP. The CoC recommended Mr. K.J. Vinod to act as the Liquidator. Sushil Kanugolu, Ramana KV, and Shanthi Ramana, financial creditors and suspended directors, had their claims rejected by the Resolution Professional due to delay. Spatial Real Estate Ventures Private Limited also

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, SR MARINE FOODS PRIVATE LIMITED, …

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

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**Reasoning:** The CoC, with 99.98% voting, resolved to liquidate the Corporate Debtor. There was no

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**Interpretation:** Section 33(2) of the IBC provides the legal basis for initiating liquidation

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**Application:** The CoC's decision, coupled with the lack of progress in the CIRP, justified

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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…
- **2022-06-25 — Public N…**: A public notice was…

## 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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