# In the matter of Sree Naidu Beverages Private Limited IA No. 47-2022 in CP (IB) No. 44-7-AMR-2020

> NCLT judgment dated 2022-04-13. Citation: TCN-2022-NCLT-03262. The case involves an application filed by the Resolution Professional (RP) under Sections…

- **Court:** NCLT
- **Order date:** 13 Apr 2022
- **Citation:** TCN-2022-NCLT-03262
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sree-naidu-beverages-private-limited-ia-no-47-2022-in-cp-ib-no-44-7-amr-2020-67722751

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Sections 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of the Corporate Debtor, M/s. Sree Naidu Beverages Private Limited, and the appointment of Mr. Krishna Mohan Gollamudi as the Liquidator. The NCLT, Amaravati, had previously admitted a petition under Section 7 of the IBC, initiating the Corporate Insolvency Resolution Process (CIRP) for the Corporate Debtor and appointing Mr. Gollamudi as the Interim Resolution Professional (IRP).

## Facts

The Corporate Debtor, M/s. Sree Naidu Beverages Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT, Amaravati. Mr. Krishna Mohan Gollamudi was appointed as the Interim Resolution Professional (IRP). Public announcement was made, and a Committee of Creditors (CoC) was constituted. Multiple attempts were made to invite Resolution Plans, including modifying eligibility criteria and extending deadlines. However, no viable Resolution Plan was received. The suspended director failed to provide the books of accounts. The CoC ultimately resolved with 100% voting share to recommend liquidation. The plant is located in a leased land. The Resolution Professional got the factory shed/building, plant & machinery and securities and

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Sree Naidu Beverages Private …

**Ratio:** Section 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016, provide the

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**Reasoning:** The CoC, in its wisdom, resolved with a 100% voting share in favor of the liquidation of

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**Interpretation:** The absence of a resolution plan, despite multiple attempts and modifications

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**Application:** Given the CoC's decision and the lack of a resolution plan, the Tribunal allows

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Krishnamohan…
- **Respondents:** Sree Naidu…

## Timeline

- **2020-01-01 — CP(IB) No.44/7…**: Case Num…
- **2021-07-10 — Admission of…**: NCLT, Amaravati admitted the Petition i.e., CP (IB) No.44/7/AMR/2020 under Section 7 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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