# In the matter of Dream Land Realtor Pvt. Ltd. (IB)-415-(ND)-2017

> NCLT judgment dated 2018-09-13. Citation: TCN-2018-NCLT-00767. The case involves an application (CA 198/2018) filed by the Resolution Professional (RP) under…

- **Court:** NCLT
- **Order date:** 13 Sept 2018
- **Citation:** TCN-2018-NCLT-00767
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dream-land-realtor-pvt-ltd-ib-415-nd-2017-15082304

## Summary

### Background

The case involves an application (CA 198/2018) filed by the Resolution Professional (RP) under Section 33(1)(a) read with Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking an order for the liquidation of the Corporate Debtor, Dream Land Retailor Pvt. Ltd. The Committee of Creditors (COC) recommended the RP's appointment as the Insolvency Liquidator, but the RP declined due to unpaid fees and expenses. The COC accepted the final decision of the bench.

## Facts

The Resolution Professional (RP) filed CA 198/2018 under Section 33(1)(a) read with Section 33(2) of the IBC, seeking liquidation of Dream Land Retailor Pvt. Ltd. Karnataka Bank is the major claimant with a claim of Rs. 5.92 crores. No resolution plan was received. The RP declined to be appointed as the Insolvency Liquidator due to unpaid fees and expenses. The COC accepted the final decision of the bench.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33 of the IBC should …

**Ratio:** Section 33 of the IBC allows for the liquidation of a corporate debtor if no resolution

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**Reasoning:** The court noted that no resolution plan was received, and the RP filed the application

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**Interpretation:** Section 33 of the IBC provides a mechanism for liquidation when resolution

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**Application:** Given that no resolution plan was received for Dream Land Retailor Pvt. Ltd.,

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** Amit…
- **Respondents:** Dream Land…; Sanjay…

## Timeline

- **2018-09-13 — Order Del…**: Order delivered on…
- **2018-09-19 — Listing for Proposing…**: Case listed on 19th September, 2018 for proposing the name of the liquidator and ensuring…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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