# In the matter of Myotic Trading Private Limited vs. Deepak Maini & Ors.

> NCLAT judgment dated 2025-07-25. Citation: TCN-2025-NCLAT-00413. Myotic Trading Private Limited filed Company Appeal (AT) (Insolvency) No. 859 of 2025…

- **Court:** NCLAT
- **Order date:** 25 Jul 2025
- **Citation:** TCN-2025-NCLAT-00413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/myotic-trading-private-limited-vs-deepak-maini-ors-9ce99a17

## Summary

### Background

Myotic Trading Private Limited filed Company Appeal (AT) (Insolvency) No. 859 of 2025 challenging the order dated 29.05.2025, which dismissed I.A. No. 1240/2025. Company Appeal (AT) (Insolvency) No. 877 of 2025 challenges the order dated 28.05.2025 in I.A. No. 2548/ND/2025. Both appeals relate to the CIRP of Amzen Transportation Industries Limited.

## Facts

CIRP of Amzen Transportation Industries Limited commenced on 04.05.2022.

Myotic Trading Private Limited, in consortium with Fortune Global Solutions Pte. Ltd., submitted an Expression of Interest (EOI) on 06.05.2024.

Fortune Global Solutions Pte. Ltd. withdrew from the consortium on 07.03.2025.

The CoC declared Cosmic CRF Limited ineligible under Section 29A of the IBC on 19.10.2024, but later reversed this decision on 06.03.2025 based on a Senior Advocate's opinion.

The Adjudicating Authority dismissed Myotic's applications (I.A. No. 1240/2025 and I.A. No. 2548/2025) due to a lack of locus standi after Fortune's withdrawal.

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## Issues and analysis

### Issue 1: Whether Myotic Trading Private Limited had the locus standi to maintain its applications before the …

**Ratio:** A consortium is treated as a single entity for the purpose of CIRP, and its eligibility

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**Reasoning:** The Adjudicating Authority correctly determined that Myotic, acting alone, did not meet

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**Interpretation:** The principle of consortium eligibility requires that all members collectively

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**Application:** Myotic's applications were rightly dismissed because it no longer met the

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## Parties

- **Judges:** Arun Ba…; Mohammad Faiz…
- **Appellants:** Myotic Trading…
- **Respondents:** Amzen Transportati…; Deepak Maini,…; +7 more
- **Other parties:** Aditya Vikram…; Purvi B…; +1 more
- **Advocates:** Navin P…; Pranav Sa…; +27 more

## Timeline

- **2022-05-04 — CIRP Commen…**: Corporate Insolvency Resolution Process (“CIRP”) of Amzen Transportation Industries…
- **2024-04-20 — Form G Publ…**: Form G was published in relation to CIRP of the CD. Minimum tangible net worth of Rs.100…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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