# In the matter of Indo Biotech Foods Limited MA 3344-MB-C-II-2019 In CP (IB) 1409-MB-C-II-2017

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-04624. The Corporate Debtor, Indo Biotech Foods Limited, was admitted into CIRP on 31.12.2018,…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-04624
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/indo-biotech-foods-limited-ma-3344-mb-c-ii-2019-in-cp-ib-1409-mb-c-ii-2017-bd0dc9ea

## Summary

### Background

The Corporate Debtor, Indo Biotech Foods Limited, was admitted into CIRP on 31.12.2018, following an application under Section 9 of the IBC by the Operational Creditor, Sudam A. Karande. Mr. Manoj Kumar was appointed as the Interim Resolution Professional (IRP).

## Facts

The Corporate Debtor was placed under CIRP vide order dated 31.12.2018.

The CIRP was initiated based on an application filed under Section 9 of the IBC by Sudam A. Karande, the Operational Creditor.

Mr. Manoj Kumar was appointed as IRP.

Sudam A. Karande was appointed as the RP at the first CoC meeting held on 18.02.2019.

The CoC resolved to appoint a valuer for the valuation of assets of the Corporate Debtor in the 2nd CoC meeting held on 12.04.2019.

The RP informed the CoC members that he had called for EOI in Form G on 17.04.2019, but no EOI was received.

The CoC members appointed two registered valuers for a total remuneration of Rs.5000/- each.

The Applicant apprised the CoC members that no Resolution Plan was received in the 4th CoC meeting held on 12.07.2019.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 allows for liquidation when

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**Reasoning:** The CoC, in its commercial wisdom, decided for liquidation due to the lack of a

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**Interpretation:** The absence of a resolution plan indicates the impossibility of revival or

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**Application:** Since no resolution plan was received, the Adjudicating Authority ordered the

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Manoj…
- **Respondents:** Indo Biotech…
- **Other parties:** Manoj K…; Sudam A. K…
- **Advocates:** Yahya Bata…

## Timeline

- **2018-12-31 — CIRP Init…**: Corporate Debtor placed…
- **2019-02-18 — First CoC M…**: Sudam A. Karande…

## 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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