# In the matter of Cargo Planners Limited I.A.3558-2020 in CP No. (IB) - 867(PB) -2019

> NCLT judgment dated 2021-01-08. Citation: TCN-2021-NCLT-03348. The case pertains to an application filed by the Resolution Professional under Section 33(1) of…

- **Court:** NCLT
- **Order date:** 8 Jan 2021
- **Citation:** TCN-2021-NCLT-03348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cargo-planners-limited-ia3558-2020-in-cp-no-ib-867pb-2019-3c7cf601

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, Cargo Planners Limited. The CIRP was initiated following an application under Section 7 of the Code by a financial creditor, which was admitted on 2019-08-08. Mr. Ashok Kumar Juneja was appointed as the Interim Resolution Professional (IRP). Public announcement was made, and a Committee of Creditors (CoC) was constituted. The CoC resolved to appoint Mrs. Deepika Bhugra Prasad as the Resolution Professional.

## Facts

S. A. Consultants & Forwarders Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Cargo Planners Limited. The CIRP was triggered by an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2019-08-08, and Mr. Ashok Kumar Juneja was appointed as the Interim Resolution Professional (IRP). A public announcement was issued, and a Committee of Creditors (CoC) was formed. Mrs. Deepika Bhugra Prasad was appointed as the Resolution Professional. During the CIRP, an Expression of Interest (EOI) was issued, and only one EOI was received from Mr. Shikhar Chandra Jain. The CoC considered Mr. Jain's resolution plan, but it received only 3.6% votes in favor. The CoC then decided

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Cargo Planners Limited, under …

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

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**Reasoning:** The CoC, after considering the resolution plan submitted by Mr. Shikhar Chandra Jain and

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** In this case, the CoC's decision, based on the failure of the resolution plan

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## Parties

- **Judges:** SHRI. B.S.V…; SHRI. HEMANT…
- **Appellants:** S. A. CONSULTANTS…
- **Respondents:** CARGO PLANNERS…; Shikhar Chandra…

## Timeline

- **2019-08-08 — CIRP Init…**: Application under Section 7 admitted,…
- **2019-08-11 — Public Annou…**: Public announcement issued in 'The Financial Express' and 'Jansatta' calling for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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