# 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-01042. 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-01042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-aranath-logistics-limited-iaibc-1056-1178kb2020-iaibc-607kb2021-in-cp-ib-676-8c066603

## Summary

### Background

The Corporate Debtor was admitted into CIRP on 2019-11-08. An RP was appointed, and a Form G was published to invite Expression of Interest. The CIRP period was extended until 2021-04-16. However, the CoC resolved to recommend liquidation on 2021-04-13. The Resolution Professional (RP) filed an application seeking liquidation of the Corporate Debtor and appointment of a 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 RP. Form G was published to invite Expression of Interest. The CIRP was extended until 2021-04-16. The CoC resolved to recommend liquidation on 2021-04-13. The RP filed an application seeking liquidation of the Corporate Debtor. 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, the sole constituent of the CoC, filed an application seeking to intervene in the application filed by Centrum Financial Services Limited.

## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional seeking liquidation of the Corporate …

**Ratio:** Section 33(2) of the Code allows for the liquidation of the Corporate Debtor when the

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**Reasoning:** The CoC resolved to recommend liquidation of the Corporate Debtor. The RP consented to

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**Interpretation:** Section 33(2) of the Code provides the legal basis for ordering the liquidation

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**Application:** The court applied Section 33(2) to the facts of the case, where the CoC had

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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 for Expression of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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