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

> NCLT judgment dated 2026-07-07. Citation: TCN-2026-NCLT-00601. The Corporate Insolvency Resolution Process (CIRP) was initiated against Vichare Express &…

- **Court:** NCLT
- **Order date:** 7 Jul 2026
- **Citation:** TCN-2026-NCLT-00601
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/vichare-loginext-private-limited-vs-vichare-express-logistics-pvt-ltd-muzcl

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Vichare Express & Logistics Private Limited (Corporate Debtor) under Section 7 of the IBC, 2016. Mr. Vishal Ghisulal Jain was appointed as the Interim Resolution Professional (IRP), followed by the constitution of a Committee of Creditors (CoC). Madan Bajarang Lal Vaishnawa was subsequently appointed as the Resolution Professional (RP). The RP invited Expressions of Interest (EoI) from Prospective Resolution Applicants (PRAs) and received a resolution plan.

## Facts

An Interlocutory Application (IA(LIQ.)/79/2025) was filed on 22.09.2025 by Madan Bajarang Lal Vaishnawa, the Resolution Professional of Vichare Express & Logistics Private Limited (Corporate Debtor).

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 12.03.2024 in C.P. No. 1064/MB/2023 under Section 7 of the Code.

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

The IRP made a public announcement 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 and VB Industries Limited as unsecured creditors.

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## Issues and analysis

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

**Ratio:** When the Committee of Creditors, with the requisite majority (not less than sixty-six

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**Reasoning:** The CoC, in its 17th meeting, unanimously rejected the resolution plan due to not

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**Interpretation:** Section 33(2) of the IBC, 2016, provides a clear mechanism for initiating

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**Application:** In this case, the CoC's 100% rejection of the resolution plan and subsequent

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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

- **12.03.2024 — CIRP Initiation & IRP…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor in…
- **14.03.2024 — Public Announcement for…**: The IRP made a public announcement in Form A inviting claims from creditors of the…

## 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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