# In the matter of Transafe Services Limited I.A.(IB) 852-KB-2021 In C.P (IB) No.1444-KB-2018

> NCLT judgment dated 2022-03-21. Citation: TCN-2022-NCLT-03667. OM Logistics Limited, the Successful Resolution Applicant of Transafe Services Limited…

- **Court:** NCLT
- **Order date:** 21 Mar 2022
- **Citation:** TCN-2022-NCLT-03667
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/transafe-services-limited-iaib-852-kb-2021-in-cp-ib-no1444-kb-2018-0094a766

## Summary

### Background

OM Logistics Limited, the Successful Resolution Applicant of Transafe Services Limited (Corporate Debtor), filed an application under Regulation 39(8) of the Corporate Insolvency Resolution Process Regulation, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking directions from the Adjudicating Authority for Respondent No.1 to hand over 1267 containers belonging to the applicant. These containers formed part of the assets of the Corporate Debtor and were allegedly being wrongfully withheld by Respondent No.1. The applicant claimed to have sent a legal notice on July 22, 2021, to Respondent No.1, demanding the containers' handover. Respondent No.1 was aware of the resolution plan's approval order dated April 9, 2021. Despite this knowledge, the Respondent allegedly

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## Facts

OM Logistics Limited, the successful resolution applicant for Transafe Services Limited (the Corporate Debtor), sought the handover of 1267 containers. These containers, part of the Corporate Debtor's assets, were allegedly being wrongfully withheld by Respondent No. 1, Mr. Adimoolam Balanantham. The applicant sent a legal notice on July 22, 2021, demanding the containers. Respondent No. 1 was aware of the resolution plan's approval order dated April 9, 2021. The respondent had provided warehousing services under Depot Agency Agreements with the Corporate Debtor, which stipulated no lien on the containers. The respondent's claim as an operational creditor was admitted for Rs. 2,59,995. The parties settled the dispute amicably, with the applicant agreeing to pay Rs.

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## Issues and analysis

### Issue 1: Whether the Respondent No.1 was obligated to hand over the 1267 containers to the Applicant …

**Ratio:** Section VII of the approved Resolution Plan mandates that there shall be no charges over

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**Reasoning:** The court reasoned that the approved Resolution Plan clearly states that all assets of

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**Interpretation:** This implies that once a resolution plan is approved, all stakeholders are

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**Application:** The Respondent, being aware of the approved Resolution Plan, was obligated to

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** OM LOGISTICS…
- **Respondents:** Transafe Services…; Adimoolam…
- **Advocates:** Shaunak…; S. M. G…; +2 more

## Timeline

- **2021-04-09 — Approval of Resolution…**: The Resolution Plan for Transafe Services Limited was approved by the Adjudicating…
- **2021-07-22 — Legal No…**: OM Logistics Limited sent a legal notice to Respondent No. 1 demanding the handover of…

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