# In the matter of SINDHU CARGO SERVICES PRIVATE LIMITED

> NCLT judgment dated 2025-07-23. Citation: TCN-2025-NCLT-01128. The Company Petition bearing C.P (IB) No.71/BB/2023 was filed by Union Bank of India under…

- **Court:** NCLT
- **Order date:** 23 Jul 2025
- **Citation:** TCN-2025-NCLT-01128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/sindhu-cargo-services-private-limited-3c06ae1f

## Summary

### Background

The Company Petition bearing C.P (IB) No.71/BB/2023 was filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process ('CIRP') against Sindhu Cargo Services Private Limited. The CIRP was admitted on 28.05.2024, and Shirley Mathew was appointed as Interim Resolution Professional (“IRP”).

## Facts

Union Bank of India filed a petition under Section 7 of the IBC to initiate CIRP against Sindhu Cargo Services Private Limited.

The CIRP was admitted on 28.05.2024, and Shirley Mathew was appointed as IRP.

The IRP issued a public announcement on 01.07.2024.

The Committee of Creditors (CoC) was constituted on 19.06.2024.

Shirley Mathew was appointed as Resolution Professional (RP).

Several CoC meetings were held to evaluate resolution plans.

No resolution plan was approved by the CoC.

The CoC resolved to liquidate the Corporate Debtor in the 9th CoC meeting on 07.01.2025.

Shirley Mathew was approved as the Liquidator with 92.26% of votes.

The estimated liquidation cost was approved as Rs. 10,85,000/- plus taxes.

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The CoC resolved to liquidate the Corporate

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**Interpretation:** The Tribunal interpreted Section 33(2) to allow for liquidation when the CoC

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**Application:** The Tribunal applied Section 33(2) and

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Union Bank of…; Shirley M…
- **Respondents:** Sindhu Cargo…; M/s Sindhu Cargo…
- **Other parties:** Tata Capital…; HDFC Bank L…

## Timeline

- **2023 — Filing of Company…**: Company Petition C.P (IB)…
- **2024-05-28 — Admission o…**: CIRP against the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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