# Vichare Loginext Private Limited vs. Vichare Express & Logistics Pvt Ltd

> NCLT judgment dated 2026-07-07. Citation: TCN-2026-NCLT-00694. The Corporate Insolvency Resolution Process (CIRP) was initiated against Vichare Express &…

- **Court:** NCLT
- **Order date:** 7 Jul 2026
- **Citation:** TCN-2026-NCLT-00694
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/vichare-loginext-private-limited-vs-vichare-express-logistics-pvt-ltd-9r8vc

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Vichare Express & Logistics Private Limited. Mr. Vishal Ghisulal Jain was appointed as the Interim Resolution Professional (IRP), who then constituted a Committee of Creditors (CoC). Subsequently, Mr. Madan Bajarang Lal Vaishnawa was appointed as the Resolution Professional (RP). Efforts were made to invite Expression of Interests (EoIs) and receive resolution plans from Prospective Resolution Applicants (PRAs).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Vichare Express & Logistics Private Limited (Corporate Debtor) vide order dated 12.03.2024 under Section 7 of the IBC, 2016.

Mr. Vishal Ghisulal Jain was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

The IRP made a public announcement in Form A on 14.03.2024, inviting claims from creditors, with 26.03.2024 as the last date for submission.

A Committee of Creditors (CoC) was constituted, comprising Vichare Loginext Private Limited (60.21% voting share) and VB Industries Limited (39.79% voting share).

In the 1st CoC meeting on 11.04.2024, the CoC, with 100% voting share, resolved to appoint Madan Bajarang Lal Vaishnawa as the Resolution Professional (RP).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Vichare Express & Logistics Private Limited, should be liquidated …

**Ratio:** The Adjudicating Authority shall pass a liquidation order if the Committee of Creditors,

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**Reasoning:** The Committee of Creditors (CoC), in its 17th meeting, unanimously rejected the

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**Interpretation:** Section 33(2) of the IBC mandates the Adjudicating Authority to issue a

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**Application:** Given the CoC's unanimous decision to reject the resolution plan and initiate

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## Parties

- **Judges:** SH. ASHISH…; SH. CHARANJEET…
- **Appellants:** Vichare Loginext…; Madan Bajarang…
- **Respondents:** Vichare Express &…
- **Other parties:** Committee of…; VB Industries…; +2 more
- **Advocates:** Madan Vai…; Aayush Ko…; +1 more

## Timeline

- **2024-03-12 — CIRP Initiation & IRP…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor in…
- **2024-03-14 — Public Announcement by…**: IRP made a public announcement in Form A in two newspapers, inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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