# In the matter of Accutime Logistic Private Limited IA(IBC)-643(KB)2022 in CP(IB)-454(KB)2019

> NCLT judgment dated 2023-02-21. Citation: TCN-2023-NCLT-04508. The case involves an application (IA(IBC)/643(KB)2022) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 21 Feb 2023
- **Citation:** TCN-2023-NCLT-04508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/accutime-logistic-private-limited-iaibc-643kb2022-in-cpib-454kb2019-3a4cfb72

## Summary

### Background

The case involves an application (IA(IBC)/643(KB)2022) filed by the Resolution Professional (RP) of Accutime Logistic Private Limited, the Corporate Debtor, seeking liquidation under section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Accutime Logistic Private Limited based on a petition filed under section 9 of the IBC by DNK Lorry Services. Seikh Abdul Salam was appointed as the Interim Resolution Professional (IRP) and later continued as the RP. Despite efforts to obtain necessary documents from the suspended Board of Directors, they failed to provide them, hindering the valuation process and the preparation of an Information Memorandum. The Committee of Creditors (CoC) ultimately

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## Facts

DNK Lorry Services initiated CIRP against Accutime Logistic Private Limited under Section 9 of the IBC. Seikh Abdul Salam was appointed as IRP and later RP. Public announcements were made to invite claims from creditors. The CoC was formed, consisting of Bandhan Bank and LIC Housing Finance Ltd. The RP faced difficulties in obtaining necessary documents from the suspended Board of Directors, hindering the valuation process and the preparation of an Information Memorandum. The CoC decided for premature liquidation under section 33(2) of the IBC due to the lack of tangible assets and financial records. The 180-day CIRP period expired on 2022-07-12 without a resolution plan. The RP submitted his written consent to act as Liquidator. The Adjudicating Authority considered

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Accutime Logistic Private Limited, …

**Ratio:** Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The Adjudicating Authority considered the CoC's decision to liquidate the Corporate

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**Interpretation:** Section 33 of the IBC provides the framework for the Adjudicating Authority to

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**Application:** In this case, the CoC decided to liquidate the Corporate Debtor due to the lack

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** DNK Lorry S…
- **Respondents:** Accutime Logistic…

## Timeline

- **2022-01-14 — Initiation…**: The Adjudicating Authority ordered the initiation of CIRP against Accutime Logistic…
- **2022-01-17 — Public Annou…**: Public announcements were published in 'Business Standard' (English) and 'Aajkal'…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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