# In the matter of Meenakshi Cargo Forwarders Private Limited

> NCLT judgment dated 2024-05-31. Citation: TCN-2024-NCLT-01267. The case pertains to the liquidation of M/s. Meenakshi Cargo Forwarders Private Limited. The…

- **Court:** NCLT
- **Order date:** 31 May 2024
- **Citation:** TCN-2024-NCLT-01267
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meenakshi-cargo-forwarders-private-limited-2fe80a14

## Summary

### Background

The case pertains to the liquidation of M/s. Meenakshi Cargo Forwarders Private Limited. The Corporate Debtor (CD) was admitted into Corporate Insolvency Resolution Process (CIRP) vide an order dated 10.07.2023. Mr. R.Thamodharan was appointed as the Interim Resolution Professional (IRP). The application for liquidation was filed under section 33 of the Insolvency & Bankruptcy Code, 2016. The Committee of Creditors (CoC) ultimately decided to recommend liquidation of the CD due to its negative net worth and unconfirmed receivables.

## Facts

M/s. Meenakshi Cargo Forwarders Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 10.07.2023. Mr. R.Thamodharan was appointed as the Interim Resolution Professional (IRP). Several Committee of Creditors (CoC) meetings were held. The sub-committee constituted in the 1st CoC meeting reported that the erstwhile management refused to provide necessary details, hindering the analysis of the CD's affairs. The RP presented the Information Memorandum to the CoC, but the CoC decided against continuing the business as a going concern. During the 3rd CoC meeting, the audited financial statements for FY 2022-2023 were discussed, revealing a negative net worth. The CoC decided not to invite any resolution plan and preferred moving for liquidation.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Meenakshi Cargo …

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

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**Reasoning:** The CoC, after considering the financial condition of the Corporate Debtor (CD),

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** In this case, the CoC's decision to liquidate was based on the CD's negative

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Shri. R Thamodhara…
- **Respondents:** M/s. Meenakshi…

## Timeline

- **2023-07-10 — Commencement…**: Corporate Insolvency Resolution Process (CIRP) commenced for M/s. Meenakshi Cargo…
- **2023-07-13 — Publication of Public…**: Public announcement regarding the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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