Liquidation of JM Feed Pvt Ltd was ordered on satisfying conditions u/s 33 of IBC

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 ...