NATIONAL COMPANY LAW TRIBUNAL

COURT ROOM NO. 1

MUMBAI BENCH

Item No. 17

IA(I.B.C)/5542(MB)2025 IN C.P. (IB)/39(MB)2022

CORAM:

SH. PRABHAT KUMAR SH. SUSHIL MAHADEORAO KOCHEY HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING ON 08.12.2025

NAME OF THE PARTIES: M/S CFM ASSET RECONSTRUCTION PVT LTD

V/s M/S RNP MARKETING AND CARGO PVT LTD

Section 7 of the Insolvency and Bankruptcy Code, 2016

ORDER

IA(I.B.C)/5542(MB)2025

1. Adv. Harsh Kesharia for the Applicant is present through VC.

2. This is an Application filed by the Applicant, Mr. Jitender Kothari, Liquidator of

RNP Marketing and Cargo Private Limited under Section 35 of the IBC with Regulation 45 of the IBBI (Regulation Process) Regulations, 2016. The Applicant

seeks following reliefs:

a. Allow the present application.

b. Pass an Order confirming the sale of RNP Marketing and Cargo Private

Limited on a going concern basis without liabilities in favour of M/ s.

Marutee Finsec;

c. Declare that the liquidation process of RNP Marketing and Cargo Private

Limited concerning CP/IB/39/2022 stands completed under Regulation

45(3) of the IBBI (Liquidation Process) Regulations, 2016;

d. Direct the closure of CIRP /Liquidation-related proceedings.

e. Discharge the Applicant as the Liquidator of the Corporate Debtor from the date of passing of this Order.

f. to pass any such other order(s) as this Hon'ble Tribunal may deem fit and appropriate in the interest of justice.

g. The Applicant craves leave to submit further information or documents as may be required by this Hon'ble Tribunal.

3. CIRP was initiated against the Corporate Debtor vide Order dated 16-12-2022 and appointed the Applicant as the Interim Resolution Professional of the Corporate Debtor. Applicant was thereafter appointed as the Resolution professional of the Corporate Debtor. The Committee of Creditors of the Corporate Debtor, in its Seventh Meeting, convened on 04-08-2023, resolved to liquidate the Corporate Debtor. The Liquidation was initiated against the Corporate Debtor on 11- 10-

2023, and the Applicant was appointed as the Liquidator.

4. This Tribunal vide Order dated 12-01-2024 had taken on record the Constitution of the Stakeholders Consultation Committee, and the reconstitution of the Stakeholders Consultation Committee was taken on record vide Order dated 15-

10-2024.

5. The extension in the Liquidation period up to 10-04-2025 was allowed by this

5301 of 2024. Thereafter the liquidation period was further extended up to 10-10- 2025. The liquidation period was further extended up to 10-01- 2026 vide Order

6. Applicant vide notice dated 01-02-2024 issued First Notice for e-auction for sale of Assets on a Standalone basis as per Regulation 32(d) Liquidation Regulations. The Applicant issued the Thirteenth e-auction notice for Block A-Sale as a going concern and Block-B, Sale of assets-Immovable Property of the Corporate Debtor on 30-05-2025. E-auction took place on 21-07-2025, and the Corporate Debtor was sold as a going concern at a Reserve Price of Rs. 1,23,67 ,486 /- to M/s. Marutee Finsec, and sale of individual assets of the Corporate Debtor was cancelled. It is stated by the Applicant that the entire Sale Consideration received by the Applicant on 24-09-2025, and the consideration was distributed between the Stakeholders.

7. The Applicant has also closed the Liquidation Bank Account of the Corporate Debtor, and has and placed a Closure letter dated 13-11- 2025 from the bank. Since the Corporate Debtor has been sold as a going concern, the Applicant is seeking closure of the liquidation process.

8. The Applicant has sought confirmation of aforesaid sale from this Tribunal, however, it is noted that there is no provisions in the liquidation process regulation requiring confirmation of this Tribunal for sale of Corporate Debtor as a going concern, accordingly, we refrain from passing any order in relation thereto Hence, this application for closure of liquidation and discharge of the Applicant as Liquidator of the Co