# In the matter of Bhattad Brothers Realty Private Limited IA 2529-2022 in CP (IB) 4172-MB-2019

> NCLT judgment dated 2022-12-16. Citation: TCN-2022-NCLT-00124. The case involves an Interlocutory Application (IA 2529/2022) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 16 Dec 2022
- **Citation:** TCN-2022-NCLT-00124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhattad-brothers-realty-private-limited-ia-2529-2022-in-cp-ib-4172-mb-2019-d54457e0

## Summary

### Background

The case involves an Interlocutory Application (IA 2529/2022) filed by the Resolution Professional, Mr. Raj Kumar Dad, seeking the initiation of liquidation of the Corporate Debtor, Bhattad Brothers Realty Private Limited, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by the Financial Creditor, Rangbarshi Projects Private Limited, under Section 7 of the IBC, claiming a default of Rs 1,62,13,611/-. The Tribunal had initiated CIRP on 15.12.2021 and appointed the Applicant as the Interim Resolution Professional (IRP).

## Facts

Rangbarshi Projects Private Limited, a Financial Creditor, filed a Company Petition (CP(IB)/4172/2019) under Section 7 of the IBC against Bhattad Brothers Realty Private Limited, the Corporate Debtor, claiming a default of Rs 1,62,13,611/-. The NCLT initiated the Corporate Insolvency Resolution Process (CIRP) on 15.12.2021 and appointed Mr. Raj Kumar Dad as the Interim Resolution Professional (IRP). Mr. Dad then constituted a Committee of Creditors (CoC). Public announcements were made to invite claims from creditors. The first CoC meeting was held on 14.01.2022, where the CoC decided to continue Mr. Dad as the Resolution Professional and appoint two valuers. Vayam Valuers & Advisors (OPC) Private Limited and Ramesh Kumavat were appointed as valuers. The second CoC

…

## Issues and analysis

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

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, provides for the initiation of

…

**Reasoning:** The CoC, in its 4th meeting, decided to liquidate the Corporate Debtor with 86.34% voting

…

**Interpretation:** Section 33 of the IBC is interpreted to mean that if no resolution plan is

…

**Application:** In this case, since no resolution plan was received, and the CoC voted in favor

…

## Parties

- **Judges:** P.N. Des…; SH. SHYAM BABU…
- **Appellants:** Raj Kuma…
- **Respondents:** BHATTAD BROTHERS…; Rangbarshi…

## Timeline

- **2019-01-01 — Company Petiti…**: Rangbarshi Projects Private Limited filed a Company Petition (CP(IB)/4172/2019) under…
- **2021-12-15 — CIRP Init…**: The Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) and appointed…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhattad-brothers-realty-private-limited-ia-2529-2022-in-cp-ib-4172-mb-2019-d54457e0