# In the matter of Flywheel Logistics Solutions Pvt. Ltd. I.A. 4320-ND-2021 in C.P. No. IB-651-ND-2020

> NCLT judgment dated 2021-11-26. Citation: TCN-2021-NCLT-00392. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 26 Nov 2021
- **Citation:** TCN-2021-NCLT-00392
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/flywheel-logistics-solutions-pvt-ltd-ia-4320-nd-2021-in-cp-no-ib-651-nd-2020-775f6efc

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Flywheel Logistics Solutions Pvt. Ltd. The CIRP was initiated following an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by an Operational Creditor, leading to the appointment of Mr. Yogesh Mittal as the Interim Resolution Professional. The Committee of Creditors (CoC) was formed, and in its first meeting, the appointment of Mr. Yogesh Mittal was rejected. Subsequently, Mr. Rishabh Chand Lodha was appointed as Resolution Professional. The Adjudicating Authority extended the CIRP period and allowed for exclusion of days lost due to lockdown. The CoC approved the revised Resolution Plan submitted by Shyam Sundar Agarwal with a 93.40% e-voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Flywheel Logistics Solutions Pvt. Ltd. based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on 2020-10-06. Mr. Yogesh Mittal was initially appointed as the Interim Resolution Professional but was later replaced by Mr. Rishabh Chand Lodha. The CIRP period was extended by the Adjudicating Authority, and days lost due to COVID-19 lockdown were excluded. The Committee of Creditors (CoC) was duly constituted. An Expression of Interest was published, and two Resolution Applicants, Shyam Sundar Agarwal and Candid Resources Limited, submitted Resolution Plans. The CoC approved the revised Resolution Plan submitted by Shyam

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, outlines the requirements that

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with each

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**Interpretation:** Section 30(2) is interpreted to ensure that the Resolution Plan is fair,

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**Application:** The Adjudicating Authority found that the Resolution Plan complied with Section

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## Parties

- **Judges:** Sh. Dharminder…; SUMITAPURKA…
- **Appellants:** Nuvision (Delhi)…
- **Respondents:** Flywheel Logistics…

## Timeline

- **2020-10-06 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against Flywheel…
- **2020-10-09 — Public Announcement of…**: The applicant carried out a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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