# In the matter of Sri Aranath Logistics Limited IA(I.B.C)-1056, 1178(KB)2020 & IA(I.B.C)-607(KB)2021 in C.P. (IB)-676(KB)2018

> NCLT judgment dated 2021-09-22. Citation: TCN-2021-NCLT-01038. The Corporate Debtor was admitted into CIRP on 2019-11-08. An RP was appointed, and a Form G…

- **Court:** NCLT
- **Order date:** 22 Sept 2021
- **Citation:** TCN-2021-NCLT-01038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-aranath-logistics-limited-iaibc-1056-1178kb2020-iaibc-607kb2021-in-cp-ib-676-5240ebf3

## Summary

### Background

The Corporate Debtor was admitted into CIRP on 2019-11-08. An RP was appointed, and a Form G was published inviting expressions of interest. The CIRP was extended until 2021-04-16. However, on 2021-04-13, the CoC resolved to recommend liquidation. The RP has given his consent to act as liquidator.

## Facts

The Corporate Debtor, Sri Aranath Logistics Limited, was admitted into CIRP vide order dated 2019-11-08. Mr. Soumitra Lahiri was appointed as the Resolution Professional (RP). Form G, inviting Expression of Interest, was published in newspapers on 2020-10-28. The CIRP period was extended until 2021-04-16. However, in the 9th meeting of the Committee of Creditors (CoC) held on 2021-04-13, a resolution was passed to recommend the liquidation of the Corporate Debtor. The RP consented to act as the liquidator. Centrum Financial Services Limited filed an application against the decision of the RP not to collate the claim filed by the applicant. CFM Asset Reconstruction Private Limited, being the sole constituent of the CoC, filed an application seeking to intervene in the

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## Issues and analysis

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

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

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**Reasoning:** The CoC resolved to recommend liquidation, and the RP consented to act as liquidator. The

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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 resolution to liquidate the Corporate Debtor and the RP's consent to

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Aranath Logistics…

## Timeline

- **2019-11-08 — Admission in…**: The Corporate Debtor…
- **2020-10-28 — Publication o…**: Form G inviting Expression of…

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