# In the matter of Vastu Land Realtors Pvt. Ltd. MA No.. 3742-2019 in CP No. 2913-2018

> NCLT judgment dated 2020-02-06. Citation: TCN-2020-NCLT-02055. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 6 Feb 2020
- **Citation:** TCN-2020-NCLT-02055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vastu-land-realtors-pvt-ltd-ma-no-3742-2019-in-cp-no-2913-2018-a167071c

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Vastu Land Realtors Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) following a petition filed by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC). The RP was initially appointed as the Interim Resolution Professional (IRP) and later Srigini Rajat Naidu was appointed as the Resolution Professional (RP).

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Vastu Land Realtors Pvt. Ltd. based on a petition filed by an Operational Creditor. Srigini Rajat Naidu was appointed as the Resolution Professional (RP). A public announcement was made to invite claims, with a deadline of March 22, 2019. The RP appointed two registered valuers. An advertisement was issued, inviting Expression of Interest (Eol) with a deadline of June 5, 2019, for submission of Eol and July 20, 2019, for submission of the Resolution Plan. The CIRP period of 180 days ended on September 3, 2019, without any extension being sought. No resolution plan was received. The CoC voted to liquidate the company. The RP filed an application for liquidation under Section

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Vastu Land Realtors Pvt. Ltd., …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The court reasoned that since no resolution plan was received within the CIRP period and

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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**Application:** In this case, the absence of a resolution plan, coupled with the CoC's decision

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## Parties

- **Judges:** Janab Mohammed…; Shyam Babu…
- **Appellants:** Nitin Purushottam…
- **Respondents:** Vastu Land…

## Timeline

- **2019-02-27 — AA Order for CIRP…**: The Adjudicating Authority passed an order directing the initiation of the Corporate…
- **2019-03-09 — Public Annou…**: Public announcement was made in 'The Indian Express' and 'Loksatta' fixing 22.03.2019 as…

## 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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