# In the matter of Rite Developers Private Limited

> NCLT judgment dated 29 Apr 2024. Citation: TCN-2024-NCLT-01549. This application was filed by Mr. Amit Vijay Karia, the Resolution Professional of Rite…

- **Court:** NCLT
- **Order date:** 29 Apr 2024
- **Citation:** TCN-2024-NCLT-01549
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rite-developers-private-limited-75645487

## Summary

### Background

This application was filed by Mr. Amit Vijay Karia, the Resolution Professional of Rite Developers Private Limited, seeking the liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Rite Developers Private Limited on August 25, 2023, following a petition filed by Piramal Capital & Housing Finance Limited, the Financial Creditor, under Section 7 of the IBC. Mr. Amit Vijay Karia was initially appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional in the first Committee of Creditors (CoC) meeting held on November 17, 2023.

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## Facts

This application was filed by Mr. Amit Vijay Karia, the Resolution Professional of Rite Developers Private Limited, on April 2, 2024. The purpose of the application was to seek the liquidation of Rite Developers Private Limited, referred to as the Corporate Debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Rite Developers Private Limited, should be liquidated under Section…

**Ratio:** When the Corporate Insolvency Resolution Process (CIRP) fails to yield a resolution plan…

**Reasoning:** The court reasoned that the Corporate Insolvency Resolution Process (CIRP) had failed to…

**Interpretation:** The court interpreted Section 33 of the IBC, 2016, to mean that if the CIRP is…

**Application:** In this case, the CIRP for Rite Developers Private Limited did not result in a…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Advocates:** For the Applicant/…

## Timeline

- **August 25, 2023 — CIRP Init…**: NCLT admitted the petition under Section 7 of the IBC and initiated CIRP against Rite…
- **August 27, 2023 — Public Annou…**: The IRP issued a public…

## Legal provisions

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

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