# In the matter of RNP Marketing & Cargo Private Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01305. The application I.A. No. 4086/2023 was filed by Mr. Jitendra Kothari, seeking liquidation of…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rnp-marketing-cargo-private-limited-0d74b692

## Summary

### Background

The application I.A. No. 4086/2023 was filed by Mr. Jitendra Kothari, seeking liquidation of RNP Marketing & Cargo Private Limited, referred to as the 'Corporate Debtor', under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Tribunal, via its order dated 16.12.2022 in Company Petition No. 39/IBC/MB/2022, had admitted the petition under Section 7 of the Code, filed by CFM Asset Reconstruction Private Limited, the 'Operational Creditor'. Consequently, the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and Mr. Jitendra Kothari was appointed as the Interim Resolution Professional, later confirmed as RP by the CoC.

## Facts

The application I.A. No. 4086/2023 was filed seeking the liquidation of RNP Marketing & Cargo Private Limited ('Corporate Debtor'). The CIRP was initiated against the Corporate Debtor following the admission of a petition filed by CFM Asset Reconstruction Private Limited ('Operational Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Jitendra Kothari was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). Five Expressions of Interest (EOIs) were received after the publication of FORM-G. The CoC rejected the re-issuance of Form-G. In the 7th CoC meeting, a resolution was passed with 98.26% vote to liquidate the Corporate Debtor due to the plant and machinery being non-operational and the

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, RNP Marketing & Cargo Private Limited, should be liquidated under …

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

…

**Reasoning:** The Committee of Creditors (CoC) passed a resolution with 98.26% vote to liquidate the

…

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

…

**Application:** Given the CoC's approval and the circumstances of the Corporate Debtor

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Jitendra K…
- **Respondents:** RNP Marketing &…; CFM Asset…

## Timeline

- **2022-12-16 — Tribunal…**: Tribunal admitted the petition under Section 7 of the Code filed by CFM Asset…
- **2023-04-27 — Publication o…**: Applicant received five Expression of Interest…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rnp-marketing-cargo-private-limited-0d74b692