# In the matter of Blue Arcade Properties Private Limited

> NCLT judgment dated 2024-12-17. Citation: TCN-2024-NCLT-00041. The case involves an application filed by Mr. Gaurang Chhotalal Shah, the Resolution…

- **Court:** NCLT
- **Order date:** 17 Dec 2024
- **Citation:** TCN-2024-NCLT-00041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/blue-arcade-properties-private-limited-95f53b92

## Summary

### Background

The case involves an application filed by Mr. Gaurang Chhotalal Shah, the Resolution Professional of Blue Arcade Properties Private Limited, seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Blue Arcade Properties Private Limited following an order dated 28.03.2024, in Company Petition bearing C.P.(IB)/277(MB)2021 filed under Section 7 of the Code by SREI Equipment Finance Limited, the Financial Creditor. Mr. Gaurang Chhotalal Shah was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.

## Facts

SREI Equipment Finance Limited initiated CIRP against Blue Arcade Properties Private Limited under Section 7 of the IBC. Mr. Gaurang Chhotalal Shah was appointed as the Resolution Professional. Public announcement was made to invite claims from creditors. Despite receiving inquiries, no resolution plan was submitted within the extended deadline. The Committee of Creditors (CoC) then resolved with 100% majority to liquidate the Corporate Debtor and appoint Mr. Girish Hingorani as the Liquidator. The Resolution Professional filed an application seeking liquidation of the Corporate Debtor. The key fact is the absence of a viable resolution plan, leading to the decision for liquidation.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Blue Arcade Properties Private …

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

…

**Reasoning:** The court reasoned that since no resolution plan was received despite extending the

…

**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails to produce a viable

…

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

…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Gaurang Chhotalal…
- **Respondents:** Blue Arcade…; SREI Equipment…

## Timeline

- **2021-01-01 — Company Petiti…**: C.P.(IB)/277(MB-IV)2021 filed by SREI Equipment Finance Limited under Section 7 of the…
- **2024-03-28 — CIRP Init…**: Tribunal admitted the Company Petition and initiated Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

---

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/blue-arcade-properties-private-limited-95f53b92