# In the matter of Fast and Safe Transport Private Limited IA-1153-2020 in IBA-908-2019

> NCLT judgment dated 2021-03-04. Citation: TCN-2021-NCLT-02822. The Adjudicating Authority initiated CIRP against M/s. Fast and Safe Transport Private Limited…

- **Court:** NCLT
- **Order date:** 4 Mar 2021
- **Citation:** TCN-2021-NCLT-02822
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fast-and-safe-transport-private-limited-ia-1153-2020-in-iba-908-2019-cfb39875

## Summary

### Background

The Adjudicating Authority initiated CIRP against M/s. Fast and Safe Transport Private Limited on 2019-12-03. The applicant was appointed as the IRP. The CoC resolved to appoint the applicant as Resolution Professional. The RP received claims from Financial Creditor and Operational Creditors. The Applicant made a Public Announcement calling for Expression of Interest (EOI). Since no EOI was received, the Resolution Professional had appointed 2 IBBI Registered Valuers for valuation of assets of the Corporate Debtor. The 3rd meeting of CoC was held on 2020-07-29, where it was resolved to liquidate the Corporate Debtor and the CoC proposed the applicant to be the Liquidator. The 4th CoC meeting held on 2020-08-27 gave approval to explore the scope for sale of the

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## Facts

The Adjudicating Authority initiated CIRP against M/s. Fast and Safe Transport Private Limited on 2019-12-03. Mr. C. Ramasubramaniam was appointed as the IRP and later as the Resolution Professional. Claims were received from Financial Creditors (Rs. 2,54,92,513) and Operational Creditors (Rs. 13,57,066). No Expression of Interest (EOI) was received, leading to the appointment of 2 IBBI Registered Valuers. The fair value of the Corporate Debtor was assessed at Rs. 1,30,39,000 and the liquidation value at Rs. 1,01,00,000. The CoC resolved to liquidate the Corporate Debtor and proposed the applicant as the Liquidator. The Resolution Professional expressed unwillingness to continue as liquidator. The 4th CoC meeting approved exploring the sale of the Corporate Debtor as a

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Fast and Safe …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016, allows for the

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**Reasoning:** The CoC resolved to liquidate the Corporate Debtor after considering the financial status

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**Interpretation:** Section 33(1) of the IBC provides the legal basis for initiating liquidation

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**Application:** The CoC's resolution, coupled with the Resolution Professional's unwillingness,

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Respondents:** M/s. Fast and…

## Timeline

- **2019-12-03 — CIRP Init…**: Adjudicating Authority initiated CIRP against M/s. Fast and Safe Transport Private…
- **2019-12-27 — 1st CoC M…**: The 1st CoC meeting was held, and it was resolved to appoint the applicant as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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