# In the matter of FLPL Logistics Pvt. Ltd. IA-1261-2021 in CP (IB)-2976(ND)-2019

> NCLT judgment dated 2021-03-22. Citation: TCN-2021-NCLT-02620. The case involves an application (IA-1261/2021) filed under Section 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Mar 2021
- **Citation:** TCN-2021-NCLT-02620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/flpl-logistics-pvt-ltd-ia-1261-2021-in-cp-ib-2976nd-2019-6cb1d851

## Summary

### Background

The case involves an application (IA-1261/2021) filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, in connection with Corporate Insolvency Resolution Process (CIRP) proceedings initiated against FLPL Logistics Pvt. Ltd. The CIRP was initiated based on an application (CP (IB)-2976(ND)/2019) filed by a financial creditor, Nuvision (Delhi) Pvt Ltd, under Section 7 of the IBC. The Adjudicating Authority admitted the application on 2020-01-15 and initiated CIRP, appointing an Interim Resolution Professional (IRP). The IRP was later replaced by a Resolution Professional (RP), Mr. Rishabh Chand Lodha. The Committee of Creditors (CoC) ultimately recommended the liquidation of the Corporate Debtor.

## Facts

Nuvision (Delhi) Pvt Ltd, a financial creditor, filed an application (CP (IB)-2976(ND)/2019) under Section 7 of the IBC, 2016, against FLPL Logistics Pvt Ltd (Corporate Debtor) to initiate CIRP. The Adjudicating Authority admitted the application on 2020-01-15 and initiated CIRP, appointing Mr. Sukhdev Madnani as the IRP. Subsequently, Mr. Rishabh Chand Lodha was appointed as the Resolution Professional (RP). The IRP made public announcements and constituted a Committee of Creditors (CoC) comprising Union Bank of India and Nuvision (Delhi) Pvt Ltd. Several CoC meetings were held to evaluate resolution plans. The 7th CoC meeting, held on 2021-02-20, resulted in a resolution recommending the liquidation of the Corporate Debtor, which was approved with 98.08% voting

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## Issues and analysis

### Issue 1: Whether the application (IA-1261/2021) filed under Section 33(2) of the IBC for liquidation of the …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order if

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**Reasoning:** The CoC, in its 7th meeting, approved the liquidation of the Corporate Debtor with a

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** The CoC's decision to liquidate, supported by a significant voting share,

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## Parties

- **Judges:** CH. MOHD SHARIEF…; Narender Kumar…
- **Respondents:** FLPL Logistics…

## Timeline

- **2019-01-01 — CP (IB)-2976(ND)/2019…**: Application CP (IB)-2976(ND)/2019 filed by Nuvision (Delhi) Pvt Ltd against FLPL…
- **2020-01-15 — CIRP Init…**: Adjudicating Authority admitted the application and initiated CIRP against the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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