The National Company Law Appellate Tribunal (NCLAT) has issued a significant order in the ongoing insolvency proceedings of Cosmic CRF Limited, balancing the continuation of the resolution process with the need for legal clarity.

Key Developments

• The NCLAT has directed the Resolution Professional to proceed with finalizing Expressions of Interest (EOIs) for Cosmic CRF Limited.
• However, any Resolution Plans received are not to be opened by the Committee of Creditors (CoC) pending a decision on Cosmic CRF's eligibility under Section 29A of the Insolvency and Bankruptcy Code (IBC).
• The order relates to the insolvency case of Amzen Transportation Industries Ltd., where Cosmic CRF Limited is seeking to participate as a resolution applicant.

Current Status of the Process

• The Resolution Professional has received 11 Expressions of Interest.
• The deadline for resolution plan submissions is set for November 19, 2025.
• The NCLAT has scheduled a hearing on October 27, 2025, to determine Cosmic CRF's eligibility under Section 29A.

Implications and Next Steps

This order strikes a balance between allowing the insolvency process to progress and ensuring that all legal considerations are properly addressed. It allows for the continuation of the resolution process while safeguarding against potential complications that could arise if Cosmic CRF's eligibility remains in question.

The NCLAT's decision to hear Cosmic CRF's case regarding its eligibility under Section 29A demonstrates the tribunal's commitment to ensuring a fair and transparent insolvency resolution process. This approach allows for a thorough examination of the eligibility criteria while preventing any unnecessary delays in the overall proceedings.

Stakeholders in the insolvency process of Amzen Transportation Industries Ltd. will be closely watching the outcome of the October 27 hearing, as it could have significant implications for the resolution process and the potential restructuring of the company.

This case highlights the complex interplay between legal procedures and practical considerations in India's evolving insolvency resolution framework. It underscores the importance of adhering to regulatory requirements while also maintaining the momentum of the resolution process to maximize value for all stakeholders involved.

Cosmic CRF , a company embroiled in legal proceedings related to its eligibility as a resolution applicant, has taken a significant step in its ongoing case before the National Company Law Tribunal (NCLT), New Delhi Bench.

Key Developments

• Affidavit Filing: On October 9, 2025, Cosmic CRF filed an affidavit with the NCLT, New Delhi Bench.
• Purpose: The affidavit addresses concerns about the company's eligibility under Section 29A of the Insolvency and Bankruptcy Code, 2016.
• Compliance: This action is in compliance with the NCLT's order dated September 25, 2025, which directed the company to file the affidavit within two weeks.

Case Background

The case involves Cosmic CRF versus Myotic Trading Private Limited & Others in the matter of Amzen Transportation Industries Ltd's insolvency resolution process. The NCLT had previously declared Cosmic CRF ineligible under Section 29A without providing the company an opportunity to be heard on this issue.

Legal Journey

1. Supreme Court Appeal: Cosmic CRF appealed to the Supreme Court against the NCLAT's judgment dated July 25, 2025.
2. Supreme Court Order: On August 4, 2025, the Supreme Court directed the matter back to NCLAT for reconsideration of factual errors.
3. NCLAT's Latest Order: On September 25, 2025, NCLAT granted Cosmic CRF two weeks to file their reply regarding eligibility under Section 29A.

Implications and Next Steps

• The filing of this affidavit is a crucial step for Cosmic CRF in its attempt to establish its eligibility as a resolution applicant.
• Other respondents in the case have been given additional time to respond to Cosmic CRF's submissions.
• The matter is scheduled for hearing on October 27, 2025, where the NCLT will consider the arguments presented in the affidavit and subsequent responses.

This development underscores the complexities involved in insolvency proceedings and the importance of procedural fairness in determining the eligibility of potential resolution applicants. The outcome of this case could have significant implications for Cosmic CRF's role in the insolvency resolution process of Amzen Transportation Industries Ltd.

As the case progresses, stakeholders will be closely watching how the NCLT interprets the eligibility criteria under Section 29A and whether Cosmic CRF can successfully establish its eligibility to participate in the resolution process.