# In the matter of Maan Saroovar Properties Development Private Limited

> NCLT judgment dated 2025-11-12. Citation: TCN-2025-NCLT-01642. The application was filed under Section 33 of the Insolvency & Bankruptcy Code, 2016, by Mr.…

- **Court:** NCLT
- **Order date:** 12 Nov 2025
- **Citation:** TCN-2025-NCLT-01642
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/maan-saroovar-properties-development-private-limited-2d0a5f9a

## Summary

### Background

The application was filed under Section 33 of the Insolvency & Bankruptcy Code, 2016, by Mr. Ashish Vyas, the Resolution Professional (RP) of M/s. Maan Sarovar Properties Development Private Limited, the Corporate Debtor (CD), seeking liquidation.

## Facts

CIRP was initiated against Maan Sarovar Properties Development Private Limited on 01.07.2022.

Ms. J. Karthiga was initially appointed as the Interim Resolution Professional (IRP).

Mr. Haralahalli Shekarappa Chandraseka later replaced the IRP as the Resolution Professional.

Ashish Vyas was appointed as the new Resolution Professional of the Corporate Debtor.

The CoC approved a resolution plan from M/s. Kences Constructions Private Limited, but it could not be implemented due to judicial restraints.

The Madras High Court restrained the Applicant from dealing with the Velachery project property.

NCLAT restrained the Applicant from dealing with the Manapakkam project.

The CoC resolved to liquidate the Corporate Debtor in its 30th meeting held on 07.05.2025.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(2) of the Insolvency and …

**Ratio:** Section 33(2) of the IBC, 2016 allows for the liquidation of the Corporate Debtor if no

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**Reasoning:** The CoC, with a 94.05% voting share, resolved that no feasible resolution was possible

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**Interpretation:** The Tribunal interpreted Section 33(2) to permit liquidation when a resolution

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**Application:** The Tribunal applied Section 33(2) and ordered the liquidation of the Corporate

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Ashish…
- **Respondents:** Maan Saroovar…
- **Other parties:** Reliance Ne…; Reliance Assets…; +10 more
- **Advocates:** C.P. Hem…

## Timeline

- **01.07.2022 — Commencement…**: The Corporate Insolvency…
- **01.07.2022 — Appointment…**: Mr. Radhakrishnan Dharmarajan was appointed 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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