# In the matter of SBS Transple Logistics Pvt. Ltd. IA-1480-ND-2019 in Company Petition No. (IB) 1373(ND)2019

> NCLT judgment dated 2020-12-16. Citation: TCN-2020-NCLT-00067. The Operational Creditor, M/s Advance Cargo Movers India Private Limited, filed an application…

- **Court:** NCLT
- **Order date:** 16 Dec 2020
- **Citation:** TCN-2020-NCLT-00067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sbs-transple-logistics-pvt-ltd-ia-1480-nd-2019-in-company-petition-no-ib-1373nd2-19d25203

## Summary

### Background

The Operational Creditor, M/s Advance Cargo Movers India Private Limited, filed an application under Section 9 of the IBC, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) of M/s SBS Transpole Logistics Private Limited. The application was admitted by the Tribunal on 04.09.2019, and Mr. Mohan Lal Jain was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC) on 27.09.2019, comprising M/s CFM Asset Reconstruction Pvt. Ltd as the sole financial creditor with 100% voting share. Mr. Mohan Lal Jain was confirmed as the Resolution Professional (RP) on 01.11.2019.

## Facts

M/s Advance Cargo Movers India Private Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s SBS Transpole Logistics Private Limited, the Corporate Debtor, under Section 9 of the IBC, 2016. The application was admitted on 04.09.2019. Mohan Lal Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted of a single member, M/s CFM Asset Reconstruction Pvt. Ltd, holding 100% voting share. The Corporate Debtor had no fixed assets and had not been operational for over three years. The CoC resolved to initiate liquidation proceedings. The RP filed an application seeking liquidation, and the Tribunal sought clarification

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33(2), Section 35(1)(e) and Section 33(7) of the Insolvency and Bankruptcy Code,

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**Reasoning:** The Committee of Creditors (CoC), holding 100% voting share, passed a resolution to

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**Interpretation:** The Insolvency and Bankruptcy Code allows for liquidation if the CoC approves

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**Application:** The CoC's approval, coupled with the Corporate Debtor's lack of assets and

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## Parties

- **Judges:** B.S.V. Prakash…; L. N. G…
- **Appellants:** Advance Cargo…
- **Respondents:** SBS Transpole…; Vivek S…
- **Advocates:** I. P. S.…

## Timeline

- **2019-09-04 — Application A…**: The Tribunal admitted the application…
- **2019-09-04 — Appointment…**: Mr. Mohan Lal Jain was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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