# In the matter of Yummz Foods Private Limited

> NCLT judgment dated 2024-09-18. Citation: TCN-2024-NCLT-00587. The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 18 Sept 2024
- **Citation:** TCN-2024-NCLT-00587
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/yummz-foods-private-limited-00c621d7

## Summary

### Background

The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, filed by the Resolution Professional (RP) of Yummz Foods Private Limited, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on November 17, 2022. The applicant made a public announcement in Form-A on November 20, 2022. Only one resolution plan was received, which was not approved by the Committee of Creditors (CoC).

## Facts

Indian Overseas Bank, a Nationalized Public Sector Bank, initiated Corporate Insolvency Resolution Process (CIRP) against Yummz Foods Private Limited. The CIRP was initiated on November 17, 2022. Ram Ratan Modi was appointed as the Resolution Professional (RP). A public announcement was made on November 20, 2022, and the last date for submission of proof of claims was December 1, 2022. Only one resolution plan was received from Mr. Sabyasachi Saha and Mrs. Dipanwita Saha for Rs.5.9 crores, but it was not approved by the Committee of Creditors (CoC). The CoC discussed the issue of liquidation but did not take any decision. The Applicant sought liquidation of the Corporate Debtor with the approval of the CoC members. The sole Financial Creditor, Indian Overseas Bank,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(1)(b) of the Insolvency and …

**Ratio:** Section 33(1)(b) of the Insolvency and Bankruptcy Code, 2016, allows the Tribunal to

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**Reasoning:** The court reasoned that since no resolution plan was approved by the Committee of

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**Interpretation:** Section 33(1)(b) is interpreted to mean that if the Corporate Debtor fails to

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**Application:** The court applied Section 33(1)(b) to the facts of the case, noting that Yummz

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** Yummz Foods…
- **Advocates:** Shaunak…; Shreya Cha…; +3 more

## Timeline

- **2022-11-17 — Initiation…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-11-20 — Public Annou…**: Public announcement made in Form-A in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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