Probable Outcome in the Final Verdict related to CosmicCRF and Amzen transport

 Based on the NCLAT verdict of July 25, 2025, and the subsequent appeals and developments, the probable outcome in the final verdict concerning Amzen Transportation Industries Private Limited's Corporate Insolvency Resolution Process (CIRP) is likely to be a continued focus on Cosmic CRF Limited's eligibility, with a high probability of reaffirming its ineligibility, and a directive to issue a fresh Form G to invite new resolution plans.

Detailed analysis:

1. NCLAT's Initial Verdict on July 25, 2025:

   • The National Company Law Appellate Tribunal (NCLAT) addressed two appeals filed by Myotic Trading Private Limited (Company Appeal (AT) (Insolvency) No. 859 & 877 of 2025) challenging decisions by the National Company Law Tribunal (NCLT).
   • Myotic's Ineligibility Confirmed: The NCLAT upheld the NCLT's decision that Myotic Trading Private Limited was ineligible to be a Prospective Resolution Applicant (PRA). This was primarily because its consortium partner, Fortune Global Solutions Pte. Ltd., had withdrawn, and Myotic's individual net worth of approximately INR 43 crores fell short of the required INR 100 crores.
   • Cosmic CRF Limited Declared Ineligible: Critically, the NCLAT, on its own assessment, found Cosmic CRF Limited to be ineligible under various clauses of Section 29A(a), (c), (h), and (j) of the Insolvency and Bankruptcy Code (IBC). This decision was based on detailed reports from professional agencies, AHSK & Co. and Priyanka Sharma & Associates (PSA), which consistently concluded Cosmic CRF Limited was ineligible, overriding a contrary opinion from a Senior Advocate.
   • CIRP Direction: Given that both Myotic and Cosmic CRF Limited were found ineligible, the NCLAT ordered that the CIRP for Amzen Transportation Industries Private Limited should "proceed from the stage of issuance of a fresh form ‘G’, strictly in accordance with law".
   • Remand for IA 2548/2025: The NCLAT also partially allowed Myotic's other appeal (CA (AT) (Ins) No. 877 of 2025) and remanded the application (IA No. 2548 of 2025, which sought replacement of the Resolution Professional and reconstitution of the Committee of Creditors) back to the Adjudicating Authority for a fresh decision on merits.

2. Cosmic CRF Limited's Appeal to the Supreme Court (August 4, 2025):

   • Cosmic CRF Limited filed Civil Appeal No. 9900/2025 challenging the NCLAT's July 25, 2025, order.
   • The Supreme Court, however, did not delve into the merits of Cosmic CRF Limited's eligibility under Section 29A. Instead, it disposed of the appeal with a specific procedural directive: if Cosmic CRF Limited believed there were factual errors in paragraphs 105 and 106 of the NCLAT's order, they should present these errors directly to the NCLAT. The Supreme Court clarified that the "bar of review should not come in the way of the NCLAT" when addressing these factual points, effectively remanding the matter for a factual reconsideration by the NCLAT.

3. Myotic Trading Private Limited's Subsequent Actions (Post-August 4, 2025):

   • In an affidavit filed subsequently, Myotic Trading Private Limited, the appellant in the NCLAT proceedings that led to Cosmic's ineligibility, has decided to "respectfully and humbly accept the judgment of this tribunal that appellant is no longer eligible to be a resolution applicant".
   • Myotic's legal counsel advised that challenging the NCLAT's view on its locus and the non-existence of its consortium was unlikely to succeed, and seeking specific performance against its former consortium partner would be futile.
   • Myotic has also decided not to participate in the ongoing resolution process and is only seeking a refund of its earnest money deposit of INR 1.5 crore. This means the primary party that was actively challenging Cosmic's eligibility has now withdrawn its contention.

Probable Outcome in the Final Verdict:

Considering these developments, the most probable outcome is:

• Reaffirmation of Cosmic CRF Limited's Ineligibility: While the Supreme Court provided Cosmic an avenue to challenge factual errors in the NCLAT's July 25, 2025 order, it did not overturn the ineligibility finding itself. Given that Myotic has withdrawn its appeal and accepted its own ineligibility, and the NCLAT had already made strong findings against Cosmic's eligibility based on multiple expert reports, it is highly probable that the NCLAT will, after reviewing Cosmic's arguments regarding factual errors, ultimately reaffirm Cosmic CRF Limited's ineligibility.
• Issuance of Fresh Form G: With both key resolution applicants (Myotic and Cosmic) either having their ineligibility confirmed or being unlikely to proceed, the NCLAT's earlier directive to "proceed from the stage of issuance of a fresh form ‘G’" is the most likely next step for Amzen Transportation Industries Private Limited's CIRP. This will allow new prospective resolution applicants to submit plans, restarting the bidding process.
• Reconsideration of RP/CoC Issues: The Adjudicating Authority will proceed to hear IA No. 2548 of 2025 on its merits, concerning the replacement of the Resolution Professional and the reconstitution of the CoC. The outcome of this application could influence the conduct of the future CIRP but is distinct from the eligibility of Myotic or Cosmic.

In conclusion, the final verdict is expected to lead to a reboot of the resolution process for Amzen Transportation Industries Private Limited, starting with a fresh invitation for Expressions of Interest, as the ineligibility of key bidders (Myotic and Cosmic CRF Limited) is likely to be maintained.