# In the matter of Bush Tea Co. Private Limited IA(IBC)-191(KB)2023 in C.P (IB) No. 1381-KB-2020

> NCLT judgment dated 2023-06-26. Citation: TCN-2023-NCLT-05411. UCO Bank, a Financial Creditor, initiated CIRP against M/s. Bush Tea Company Private Limited,…

- **Court:** NCLT
- **Order date:** 26 Jun 2023
- **Citation:** TCN-2023-NCLT-05411
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/bush-tea-co-private-limited-iaibc-191kb2023-in-cp-ib-no-1381-kb-2020-a02b6d4d

## Summary

### Background

UCO Bank, a Financial Creditor, initiated CIRP against M/s. Bush Tea Company Private Limited, the Corporate Debtor, under Section 7 of the IBC. The Adjudicating Authority admitted the petition on 29/04/2022.

## Facts

UCO Bank initiated CIRP against M/s. Bush Tea Company Private Limited under Section 7 of the IBC.

The Adjudicating Authority admitted the petition and initiated CIRP on 29/04/2022.

Mr. Santanu Brahma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

Public announcements were made to invite claims from creditors.

A Committee of Creditors (CoC) was formed with UCO Bank holding 100% voting share.

Form G was published twice to invite Expression of Interest (Eol) from prospective resolution applicants, but no Eol was received.

The CoC resolved to liquidate the Corporate Debtor due to the absence of any resolution plan.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be approved in the absence …

**Ratio:** Section 33(1)(a) of the IBC mandates the Adjudicating Authority to pass an order of

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**Reasoning:** The CoC, after due deliberation, resolved to liquidate the Corporate Debtor due to the

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**Interpretation:** The absence of a resolution plan and the CoC's decision to liquidate the

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**Application:** The Adjudicating Authority approved the liquidation application as no

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** UCO B…; Santanu B…
- **Respondents:** M/s. Bush Tea…
- **Advocates:** Shaunak…; Manas…; +4 more

## Timeline

- **2022-04-29 — Initiation…**: The Adjudicating Authority ordered the…
- **2022-05-01 — Public Annou…**: Public announcement in Form A was published in 'Financial Express' and 'Aajkaal' inviting…

## 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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