# 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-03887. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 10 Apr 2023
- **Citation:** TCN-2023-NCLT-03887
- **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-2020-6e2d0ec0

## Summary

### Background

The case pertains to 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 Resolution Professional as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Ingram Micro India Pvt Ltd (Operational Creditor) under Section 9 of the IBC, which was admitted by the Tribunal on 20.09.2022. The Interim Resolution Professional (IRP) made a public

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Fastlane Information Technologies Private Limited based on a petition filed by Ingram Micro India Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 20.09.2022. An Interim Resolution Professional (IRP) was appointed, who made a public announcement on 28.09.2022. The IRP verified the Goods and Services Tax (GST) portal and found that the Corporate Debtor (CD) had 5 GST licenses, with some inactive. The IRP visited the CD's registered offices but could not locate them. Claims were received from creditors, and a list was prepared. The IRP appointed registered valuers. An application was filed seeking a change of Resolution Professional (RP), which

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

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

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**Reasoning:** The Tribunal considered the fact that the CoC had approved the initiation of liquidation

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the CoC's approval, coupled with the Corporate Debtor's financial

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## Parties

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

## Timeline

- **2020-01-01 — CP(IB)/67/9/AMR/2020…**: Company Petition CP(IB)/67/9/AMR/2020 filed under section 9 of IBC by Ingram Micro India…
- **2022-09-20 — CIRP Admi…**: The Hon'ble Tribunal admitted the Corporate…

## 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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