Satyadevi Alamuri

The Present application has been filed under Section 33 of the Insolvency & Bankruptcy code, 2016 (herein after termed as “the Code”) by Satyadevi Alamuri, RP of P.S.T.S Logistics Private Limited, i.e. the Corporate Debtor (hereinafter referred as “CD”) seeking following reliefs hereby:

The Corporate Insolvency Resolution Process ("hereinafter referred as CIRP") of the Corporate Debtor was initiated vide order dated 01.05.2025 passed by this Tribunal in CP(IBC)/28(CHE)/2024, upon the petition filed by an Operational Creditor under section 9 of IBC and Priya S. Anand, having Registration No. IBBI/IPA-001/IP-P00421/2017-2018/10744 was appointed as the Interim Resolution Professional.

It is submitted that the said IRP filed I.A.(IBC)1731(CHE)2025 in C.P(IB)28(CHE)2024 seeking to be replaced by Satyadevi Alamuri as the Resolution Professional (RP) of the Corporate Debtor and the same was allowed vide order dated 11.11.2025 by this Tribunal.

It is submitted that pursuant to the admission order, public announcement was made on 16.05.2025 in "Times of India" and "Hindu Tamil" Tamil Nadu Edition and claims from Creditors were duly collated and admitted, in accordance with the provisions of the Code and Regulations.

The admitted claims are as follows,

** The claim is provisionally admitted as no details furnished by the CD nor by the PF Department.

It is submitted, that based on the claims' received IRP has constituted the committee of Creditors under Regulation 17(1) of the IBBI (Resolution Process for Corporate Persons) Regulations, 2016. The Committee of Creditors (COC) consists of the following members and their voting shares as follows:

It is submitted that Form G inviting Expression of Interest was published on 26.12.2025, pursuant to which four Prospective Resolution Applicants expressed interest. However, no Resolution Plan was received from any Prospective Resolution Applicants.

It is submitted that as on the 14^th CoC meeting held on 24.03.2026 no plan has been received on or before 12.03.2026 which being the last date for submission of plan and the closure of CIRP is 27.03.2026 after extensions granted by this Tribunal, it was resolved in the meeting that the Corporate Debtor be liquidated as per Section 33 (1) of IBC, 2016 and the RP who has given her consent be appointed as Liquidator of the Corporate Debtor.

Heard the Ld. Counsel appeared on behalf of the applicant and perused the records.

From the Compliance certificate (Form H) attached with the application the dates and events subsequent to initiation of CIRP of the CD is as follows,

It is seen that the Applicant/ RP submitted FORM-H dated 27.03.2026 as per Regulation 39 (4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The same is placed at Page 37 - 41 of the application as Annexure 13. As observed from Form-H, there are no PUFE applications pending in respect of the CD.

It is seen from the record that although four Prospective Resolution Applicants submitted Expressions of Interest, no Resolution Plan came to be submitted.

Therefore, we appoint Satyadevi Alamuri having IBBI Registration No. IBBI/IPA-002/IP-N00071/2017-18/10205, email id: [email protected] , having valid AFA upto 30.06.2027 as the Liquidator under Section 34(1) of the Code for the Corporate Debtor.

From the above facts and circumstances, considering the decision taken by the CoC of the Corporate Debtor, this Adjudicating Authority deems it fit to order Liquidation of the Corporate Debtor. Accordingly, we order Liquidation of the Corporate Debtor i.e. P.S.T.S Logistics Private Limited by appointing the above Satyadevi Alamuri as the Liquidator to carry out the liquidation process subject to the following terms/ directions: -

a. The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and Regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended up to date enjoined upon him.

b. The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/ employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge.

c. The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/ undervalued transactions and such other like transactions including fraudulent preferences and file a suitable application before this Adjudicating Authority.

d. The Registry is directed to communicate this order to the Registrar of Companies, Chennai and the Insolvency and Bankruptcy Board of India;

e. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation.

f. The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence.

g. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016.

h. The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section – 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company Applications during the process of liquidation.

j. Copy of this order be sent to the financial creditors, Corporate Debtor and the Liquidator for taking necessary steps and for extending the necessary cooperation in relation to the Liquidation process of the Corporate Debtor.

Accordingly, with the above directions, IA(IBC)(LIQ)/9(CHE)/2026 in CP(IBC)/28(CHE)/2024 stands allowed and disposed of.