# In the matter of ALLIED REALBUILD PRIVATE LIMITED

> NCLT judgment dated 2025-04-28. Citation: TCN-2025-NCLT-00172. The case involves an application filed by Mr. Gagan Gulati, the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 28 Apr 2025
- **Citation:** TCN-2025-NCLT-00172
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/allied-realbuild-private-limited-85cce79c

## Summary

### Background

The case involves an application filed by Mr. Gagan Gulati, the Resolution Professional of Allied Realbuild Private Limited, before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation proceedings for Allied Realbuild Private Limited. The application was based on the decision of the Committee of Creditors (CoC) made during its 3rd meeting held on 08.05.2024. The CIRP was initiated following an application by Kaliber Associates Private Limited (Financial Creditor) under Section 7 of the IBC. The Adjudicating Authority admitted the application on 07.02.2024 and declared a moratorium. Mr. Gagan Gulati was appointed as the Interim Resolution

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## Facts

Kaliber Associates Private Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Allied Realbuild Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the application on 07.02.2024, declaring a moratorium and appointing Mr. Gagan Gulati as the Interim Resolution Professional (IRP). The IRP made a public announcement on 12.02.2024, inviting claims. Only one claim was received from an unsecured financial creditor for INR 7,77,17,260, but the RP admitted only INR 3,00,00,000. The Committee of Creditors (CoC) was constituted with Kaliber Associates Private Limited as the sole member. Mr. Gagan Gulati was confirmed as the Resolution Professional (RP).

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Allied Realbuild Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The CoC, with a 100% vote share, resolved to liquidate the Corporate Debtor due to the

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when resolution efforts

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**Application:** In this case, the CoC's decision to liquidate was based on the lack of a

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## Parties

- **Judges:** Ramalingam…; RAVINDRA CHATURVED…
- **Respondents:** Allied Realbuild…
- **Advocates:** Yogita B…

## Timeline

- **2024-02-07 — Admission…**: The Adjudicating Authority admitted the…
- **2024-02-12 — Public Annou…**: The IRP made a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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