# In the matter of Transafe Services Limited IA (IB) 1238-KB-2020 In CP (IB) No. 1444-KB-2018

> NCLT judgment dated 2021-04-09. Citation: TCN-2021-NCLT-02422. The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Apr 2021
- **Citation:** TCN-2021-NCLT-02422
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/transafe-services-limited-ia-ib-1238-kb-2020-in-cp-ib-no-1444-kb-2018-2580360f

## Summary

### Background

The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan submitted for Transafe Services Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Syndicate Bank, the Financial Creditor, under Section 7 of the IBC. The Resolution Professional (RP), Anil Agarwal, was appointed and subsequently confirmed by the Committee of Creditors (CoC). The CIRP involved public announcements, invitation of claims from creditors, and several CoC meetings to evaluate resolution plans. Om Logistics Limited's resolution plan was approved by the CoC with 100% voting shares.

## Facts

Syndicate Bank initiated Corporate Insolvency Resolution Process (CIRP) against Transafe Services Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Anil Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from financial and operational creditors. The RP received claims from six financial creditors and twenty-eight operational creditors. Fifteen Committee of Creditors (CoC) meetings were held during the CIRP period. Invitations for Expressions of Interest (EoI) were issued three times, with eight EoIs received. Three resolution plans were received from Om Logistics Limited, Western Carriers (India) Limited, and CRPL Infra

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with Section 30(2) of the Insolvency and Bankruptcy Code, 2016 …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan,

…

**Reasoning:** The NCLT examined the resolution plan to ensure it adhered to the requirements of Section

…

**Interpretation:** Section 30(2) and the CIRP Regulations are interpreted to ensure a fair and

…

**Application:** The NCLT found that the resolution plan submitted by Om Logistics Limited met

…

## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Syndicate…
- **Respondents:** Transafe Services…
- **Advocates:** Joy S…

## Timeline

- **2018-01-01 — Company Petiti…**: Syndicate Bank filed the Company Petition in CP (IB) No. 1444/KB/2018 against Transafe…
- **2019-11-21 — Admission of Company…**: The Company Petition was admitted vide order…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/transafe-services-limited-ia-ib-1238-kb-2020-in-cp-ib-no-1444-kb-2018-2580360f