# 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-03257. The case involves an application filed by the Resolution Professional (RP) under Sections…

- **Court:** NCLT
- **Order date:** 13 Apr 2022
- **Citation:** TCN-2022-NCLT-03257
- **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-2020-9492c978

## 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, admitted the petition under Section 7 of the IBC, initiating the Corporate Insolvency Resolution Process (CIRP) 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) after the NCLT admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Krishna Mohan Gollamudi was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a Committee of Creditors (CoC) was constituted. Several CoC meetings were held to discuss CIRP expenses, security personnel, and eligibility criteria for resolution applicants. Multiple attempts were made to invite Expression of Interest (EoI) from prospective resolution applicants, including modifications to eligibility criteria and reduction of EMD and Performance Guarantee amounts. Despite these efforts, no viable resolution plan

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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 legal

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**Reasoning:** The court reasoned that despite all possible steps taken during the CIRP, no viable

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**Interpretation:** The interpretation of Sections 33(1)(a) and 34(1) in this context is that if

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** TELAPROLU…
- **Respondents:** M/s. SREE NAIDU…

## Timeline

- **2021-07-10 — Admission of…**: NCLT, Amaravati admitted the Petition i.e., CP (IB) No.44/7/AMR/2020 under Section 7 of…
- **2021-07-21 — Public Annou…**: The Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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