# In the matter of Rajkamal Logistic Pvt. Ltd.

> NCLT judgment dated 2024-09-26. Citation: TCN-2024-NCLT-00535. The application was filed under Section 33 read with Section 34 of the IBC, 2016, seeking…

- **Court:** NCLT
- **Order date:** 26 Sept 2024
- **Citation:** TCN-2024-NCLT-00535
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rajkamal-logistic-pvt-ltd-0284b113

## Summary

### Background

The application was filed under Section 33 read with Section 34 of the IBC, 2016, seeking initiation of liquidation against the Corporate Debtor, M/s Rajkamal Logistics Pvt Ltd. The CIRP was admitted vide order dated 07.02.2023 by the Tribunal in CP(IB) 298/2022 under Section 7 of IBC on an application filed by Allahabad Bank (now Indian Bank), and the IRP was appointed. The IRP placed a public notice under Section 15 of the Code read with Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Committee of Creditors (CoC) was formed on 28.02.2023 and resolved to continue the same IRP as RP on 06.03.2023. The CoC was further reconstituted on 06.04.2023.

## Facts

The application was filed under Section 33 read with Section 34 of the IBC, 2016, seeking initiation of liquidation against the Corporate Debtor, M/s Rajkamal Logistics Pvt Ltd. The CIRP was admitted vide order dated 07.02.2023 by the Tribunal in CP(IB) 298/2022 under Section 7 of IBC on an application filed by Allahabad Bank (now Indian Bank), and the IRP was appointed. The IRP placed a public notice under Section 15 of the Code read with Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Committee of Creditors (CoC) was formed on 28.02.2023 and resolved to continue the same IRP as RP on 06.03.2023. The CoC was further reconstituted on 06.04.2023. Only one expression of interest was received from Prospective Resolution

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed given the CoC's …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in insolvency

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**Reasoning:** The Tribunal observed that the CoC had approved the liquidation with a 100% majority. The

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor was made

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Iqbal Singh…
- **Respondents:** Rajkamal Logistics…
- **Advocates:** Sumit P…

## Timeline

- **2023-02-07 — CIRP Admi…**: CIRP was admitted vide order dated 07.02.2023 by the Tribunal in CP(IB) 298/2022 under…
- **2023-02-10 — Public Annou…**: IRP placed a public notice under Sec 15 of the Code read with Reg. 6 of IBBI (Insolvency…

## 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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