# In the matter of Satkar Air Cargo Services Private Limited C.A. 2587 (PB)-2019 in Company Petition No. (IB)-361 (PB)-2018

> NCLT judgment dated 2019-12-03. Citation: TCN-2019-NCLT-00351. The case involves an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 3 Dec 2019
- **Citation:** TCN-2019-NCLT-00351
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/satkar-air-cargo-services-private-limited-ca-2587-pb-2019-in-company-petition-no-a607141a

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the corporate debtor, Satkar Air Cargo Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by the financial creditor, Mr. Ravinder Pal Singh Lamba, under Section 7 of the Code. The application was admitted on 09.08.2019. The Interim Resolution Professional (IRP), Mr. Gyaneshwar Sahai, was appointed. The IRP invited claims from creditors and constituted a Committee of Creditors (CoC) comprising Mr. Ravinder Pal Singh Lamba as the sole member.

## Facts

The financial creditor, Mr. Ravinder Pal Singh Lamba, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, Satkar Air Cargo Services Private Limited. The application was admitted on 09.08.2019. Mr. Gyaneshwar Sahai was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from creditors and formed a Committee of Creditors (CoC) consisting solely of Mr. Ravinder Pal Singh Lamba. During the CIRP, it was found that the company had no major assets and its existence as a going concern was doubtful. The only asset was an Alto Car with an outstanding loan. The CoC decided to write off most assets and then resolved to liquidate the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Satkar Air Cargo Services Private …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows the Committee of

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**Reasoning:** The Adjudicating Authority reasoned that the Committee of Creditors (CoC) had come to the

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**Interpretation:** Section 33(2) empowers the CoC to make a commercial decision regarding the

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**Application:** In this case, the CoC, with a 100% vote share, decided to liquidate the

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Gyaneshwar…
- **Respondents:** Satkar Air Cargo…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No. (IB) –…
- **2019-08-09 — CIRP Init…**: Application under Section 7 of the Code was admitted by the Tribunal initiating Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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