# In the matter of Fastlane Information Private Limited IA(IBC)-118-2023 in CP (IB)-67-9-AMR-2020

> NCLT judgment dated 2023-04-10. Citation: TCN-2023-NCLT-03877. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 10 Apr 2023
- **Citation:** TCN-2023-NCLT-03877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fastlane-information-private-limited-iaibc-118-2023-in-cp-ib-67-9-amr-2020-67a8a1ca

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, and Regulation 3 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The application seeks orders for the liquidation of the Corporate Debtor, Fastlane Information Technologies Private Limited, and the appointment of the RP as the liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated by Ingram Micro India Pvt Ltd (Operational Creditor) under Section 9 of the IBC. The CIRP was admitted by the NCLT on 20.09.2022, and Mr. Mannava Divakara Sarma was appointed as the Interim Resolution Professional (IRP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Fastlane Information Technologies Private Limited by Ingram Micro India Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 20.09.2022. The Interim Resolution Professional (IRP) made public announcements and attempted to locate the Corporate Debtor's registered offices, finding none operational. The Corporate Debtor had five GST licenses, with two inactive in Andhra Pradesh, one inactive in Maharashtra, and two active in Karnataka and Telangana. The IRP sent letters to banks to seize operations in the Corporate Debtor's accounts. A list of creditors was prepared, and the Committee of Creditors (CoC) was formed with Operational Creditors. The IRP

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Fastlane Information Technologies …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The CoC approved the initiation of liquidation proceedings with a 91.81% vote,

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CoC

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**Application:** Given the CoC's approval and the Corporate Debtor's inability to continue

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Ingram Micro…
- **Respondents:** Fastlane Informati…; Fastlane Informati…
- **Advocates:** Manoran…

## Timeline

- **2020-01-01 — Financial Yea…**: Start of the financial year…
- **2020-03-31 — Balance She…**: Balance sheet date indicating related…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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