# In the matter of Lark Logistics Private Limited

> NCLT judgment dated 2024-05-14. Citation: TCN-2024-NCLT-01354. The application I.A./1934/ND/2023 was filed by Mr. Gautam Singhal, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 14 May 2024
- **Citation:** TCN-2024-NCLT-01354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lark-logistics-private-limited-92aab2c5

## Summary

### Background

The application I.A./1934/ND/2023 was filed by Mr. Gautam Singhal, the Resolution Professional of M/s. Lark Logistic Private Limited ('Corporate Debtor'), seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 20.06.2022. Mr. Pramod Kumar Gupta was initially appointed as the Interim Resolution Professional, later replaced by Mr. Gautam Singhal. The Committee of Creditors (CoC) was initially formed with operational creditors but later reconstituted to include financial creditors. The CoC rejected resolutions for re-issuance of invitation for expression of interest from prospective resolution applicants. The CoC unanimously resolved on 14.03.2023 to

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Lark Logistic Private Limited ('Corporate Debtor') based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide an order dated 20.06.2022. Initially, Mr. Pramod Kumar Gupta was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Gautam Singhal as the Resolution Professional (RP). The Committee of Creditors (CoC) was initially constituted with operational creditors, including M/s Everfast Freight Forwarders Private Limited and M/s Tarannom Shargh International Transportation Company. Subsequently, claims from two financial creditors were received, leading to the reconstitution of the CoC. The reconstituted

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## Issues and analysis

### Issue 1: Whether the application for liquidation of M/s. Lark Logistics Private Limited ('Corporate Debtor') …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The CoC, in its commercial wisdom, decided to liquidate the Corporate Debtor. The

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**Interpretation:** Section 33 grants the CoC the authority to decide on liquidation, and the

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**Application:** In this case, the CoC unanimously resolved to liquidate the Corporate Debtor.

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Gautam Si…
- **Respondents:** M/s. Lark…

## Timeline

- **2022-06-20 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Lark Logistic…
- **2023-02-07 — CoC Reconst…**: The Hon'ble Adjudicating Authority took on record the re-constituted CoC of the Corporate…

## 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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