# In the matter of Cloud Nine Realtors Private Limited

> NCLT judgment dated 2025-01-06. Citation: TCN-2025-NCLT-00680. The case pertains to an application filed by the Resolution Professional (RP) of Cloud Nine…

- **Court:** NCLT
- **Order date:** 6 Jan 2025
- **Citation:** TCN-2025-NCLT-00680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cloud-nine-realtors-private-limited-5e9d2d2a

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Cloud Nine Realtors Private Limited, seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Cloud Nine Realtors Private Limited following an order dated 22.11.2023 in a Company Petition filed by Innovators Façade Systems Limited under Section 9 of the Code. The RP was appointed and later confirmed in the first Committee of Creditors (CoC) meeting. Public announcements were made, and two claims from Operational Creditors were received and verified. The CoC, consisting of two Operational Creditors, observed the absence of tangible or intangible assets and recommended liquidation. The CoC

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## Facts

On 22.11.2023, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) against Cloud Nine Realtors Private Limited, admitting a petition filed by Innovators Façade Systems Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Umesh Balaram Sonkar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Following the initiation of CIRP, a public announcement was made, leading to the receipt of two claims from Operational Creditors. The Committee of Creditors (CoC) was formed, comprising two Operational Creditors, with Innovators Façade Systems Limited holding a 78.63% voting share. The CoC determined that there were no tangible or intangible assets available and recommended

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Cloud Nine Realtors Private Limited under Section 33 of …

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

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**Reasoning:** The court reasoned that no resolution plan was brought forth or voted for, and the CoC

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**Interpretation:** Section 33(2) of the Code was interpreted to mean that if no resolution plan is

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**Application:** Given the absence of a resolution plan and the CoC's decision to liquidate, the

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Umesh Balaram…
- **Respondents:** Cloud Nine…; Innovators Façade…

## Timeline

- **2023-11-22 — Order for CIRP…**: Tribunal ordered initiation of Corporate Insolvency Resolution Process (CIRP) against…
- **2024-02-06 — Confirmatio…**: Umesh Balaram Sonkar confirmed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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