# 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-03352. 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-03352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cargo-planners-limited-ia3558-2020-in-cp-no-ib-867pb-2019-84ebb55c

## 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. The application was admitted on 08.08.2019, and Mr. Ashok Kumar Juneja was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a Committee of Creditors (CoC) was constituted. Several CoC meetings were held to explore resolution plans, including one submitted by Mr. Shikhar Chandra Jain. However, the CoC ultimately concluded that there were no other avenues left to explore besides liquidation.

## Facts

S. A. Consultants & Forwarders Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Cargo Planners Limited. The application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was admitted on 08.08.2019, and Mr. Ashok Kumar Juneja was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and creditors were called upon to submit their claims. The Committee of Creditors (CoC) was constituted, and Mrs. Deepika Bhugra Prasad was appointed as the Resolution Professional. During the CIRP, an Expression of Interest (Eol) was issued, and only one Eol was received from Mr. Shikhar Chandra Jain. The CoC explored a resolution plan submitted by Mr. Jain, but it received only 3.6% votes

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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 exploring all possible resolution options, concluded that there were no

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

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**Application:** Given that the CoC voted overwhelmingly in favor of liquidation, the court

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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 of the Code admitted, initiating CIRP against the Corporate…
- **2019-08-11 — Public Annou…**: Public announcement in Form-A was issued,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32(1) — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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