Authority: National Company Law Tribunal, Mumbai Bench, Court-V

Order Date: 07 July 2026

Case Overview

This order pertains to an Interlocutory Application (IA(LIQ.)/79/2025) filed by the Resolution Professional (RP), Madan Bajarang Lal Vaishnawa, seeking the liquidation of Vichare Express & Logistics Private Limited (the Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 12 March 2024 in C.P. No. 1064/MB/2023 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Vishal Ghisulal Jain was initially appointed as the Interim Resolution Professional (IRP).

The Committee of Creditors (CoC) was constituted with two members: Vichare Loginext Private Limited (an unsecured creditor with an admitted claim of ₹2,33,59,942 and 60.21% voting share) and VB Industries Limited (an unsecured creditor with an admitted claim of ₹1,47,82,597 and 39.79% voting share), making the total admitted claims ₹3,71,42,539.

The Resolution Professional published an Invitation for Expression of Interest (EoI). From the respondents, only Ekdant Consultants Private Limited was included in the final list as a Prospective Resolution Applicant (PRA). After multiple extensions for plan submission and deliberations in CoC meetings, the sole resolution plan was presented on 08 July 2025. In the 17th CoC meeting held on 11 July 2025, the plan was unanimously rejected by the CoC with a 100% voting share. The grounds for rejection were that "the expected value has not been received in the plan." Consequently, the CoC passed a resolution to initiate the liquidation of the Corporate Debtor.

Final Outcome

The NCLT Bench, comprising Member (Judicial) Ashish Kalia and Member (Technical) Charanjeet Singh Gulati, allowed the application. The tribunal ordered the liquidation of Vichare Express & Logistics Private Limited under Section 33 of the Code. Mr. Piyush Kisanlal Jani (IBBI Registration No. IBBI/IPA-001/IP-P01439/2018-19/12164) was appointed as the Liquidator. His fee will be as per Regulation 4 of the IBBI (Liquidation Process) Regulations, 2016, or as mutually agreed with the Stakeholders' Consultation Committee (SCC), whichever is higher.

The order also commenced a fresh moratorium under Section 33(5) and served as a notice of discharge for the corporate debtor's officers, employees, and workmen under Section 33(7). The Liquidator is directed to submit a preliminary report within 75 days and proceed in accordance with the Code and regulations. Registry was directed to send copies of the order to the IBBI, the Regional Director (Western Region) of the MCA, the Registrar of Companies & Official Liquidator of Maharashtra, the erstwhile RP, and the newly appointed Liquidator.

Topics: Corporate Insolvency, Liquidation Order, Committee of Creditors