# In the matter of Yours Ethnic Foods Private Limited

> NCLT judgment dated 2025-06-05. Citation: TCN-2025-NCLT-00013. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Yours Ethnic…

- **Court:** NCLT
- **Order date:** 5 Jun 2025
- **Citation:** TCN-2025-NCLT-00013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/yours-ethnic-foods-private-limited-e9d8b023

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Yours Ethnic Foods Private Limited. Svakarma Finance Private Limited filed an application under Section 7 of the IBC, 2016, seeking initiation of CIRP, which was admitted on 09.10.2023. Mr. Rajendra Devidas Puranik was appointed as the Interim Resolution Professional (IRP). The Resolution Professional (RP) filed an application under Section 33 read with Section 34 of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor. Prior to the constitution of the Committee of Creditors (CoC), the suspended management of the Corporate Debtor had filed an appeal against the CIRP admission order, but the stay on the constitution of the CoC was vacated

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## Facts

The Corporate Debtor, M/s. Yours Ethnic Foods Private Limited, underwent CIRP following an application by Svakarma Finance Private Limited under Section 7 of the IBC, admitted on 09.10.2023. Rajendra Devidas Puranik was appointed as the IRP and later RP. The CoC was constituted with HDFC Bank Limited, ICICI Bank Limited, and Svakarma Finance Private Limited as members. The IRP made a public announcement on 13.10.2023, inviting claims from creditors. The suspended management of the Corporate Debtor filed an appeal against the CIRP admission order, but the stay was vacated by NCLAT on 30.11.2023. The CoC held several meetings, including one on 12.12.2023, where they resolved to continue with the IRP. The CoC also resolved to file an application under Section 19(2) of the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33 of the IBC, 2016 …

**Ratio:** Section 33 of the IBC, 2016 allows for the liquidation of a corporate debtor if the

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**Reasoning:** The CoC had approved the liquidation of the Corporate Debtor with a 100% vote in its 9th

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

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**Application:** The CoC's decision, supported by a unanimous vote, demonstrated that resolution

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## Parties

- **Judges:** Chitra Ha…; V. G. Venkata…
- **Appellants:** Mr.Rajendra…
- **Respondents:** Yours Ethnic…; M/s. Yours Ethnic…

## Timeline

- **2023-10-09 — CIRP Admi…**: Application under Section 7 of the IBC, 2016 filed by Svakarma Finance Private Limited…
- **2023-10-13 — Public Annou…**: IRP made a public announcement in Form 'A'…

## Legal provisions

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

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