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Liquidation of JM Feed Pvt Ltd was ordered on satisfying conditions u/s 33 of IBC
Case Law Details
- Case Name
- Bank of Baroda Vs JM Feed Mills Private Limited (NCLT Chandigarh)
- Appeal Number
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- NCLT
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Bank of Baroda Vs JM Feed Mills Private Limited (NCLT Chandigarh)
Conclusion: Where CoC, in exercise of its commercial wisdom, rejected all resolution plans and approved liquidation with 100% voting share, NCLT must order liquidation of the Corporate Debtor under Section 33(2) of IBC.
Held: CIRP of JM Feed Mills Pvt. Ltd. was initiated on admission of Sec. 7 petition. Mr. Somnath Gupta was appointed as IRP, later confirmed as RP. The CoC comprised a sole financial creditor – Bank of Baroda (100% voting share) with admitted claim of ₹30.00 crore. Form-G was issued twice; six PRAs submitted ...
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