# In the matter of Crystal Facilities Management Private Limited

> NCLT judgment dated 2024-01-17. Citation: TCN-2024-NCLT-03020. The Resolution Professional filed an application under Section 33(2) of the IBC seeking…

- **Court:** NCLT
- **Order date:** 17 Jan 2024
- **Citation:** TCN-2024-NCLT-03020
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/crystal-facilities-management-private-limited-12fc89ea

## Summary

### Background

The Resolution Professional filed an application under Section 33(2) of the IBC seeking liquidation of the Corporate Debtor based on the Committee of Creditors' decision. The Corporate Debtor was a defunct company with no assets, making a resolution plan unviable.

## Facts

Mr. Amit Vijay Karia, the Resolution Professional for M/s Crystal Facilities Management Private Limited (Corporate Debtor), filed an application on September 13, 2023, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC). The application sought to initiate liquidation proceedings for the Corporate Debtor. This decision was based on the resolution passed by the Committee of Creditors (CoC) in its 5th meeting held on September 4, 2023. An application was initially filed by M/s Piramal Capital and Housing Finance Limited (Financial Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the Code. The Adjudicating Authority admitted this application on January 19, 2023, and appointed Mr. Amit

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be …

**Ratio:** A corporate debtor can be ordered to be liquidated under Section 33(2) of the IBC if the

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**Reasoning:** The Committee of Creditors, with a 100% majority, resolved to liquidate the Corporate

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**Interpretation:** The court interpreted Section 33(2) of the IBC to mean that a resolution for

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**Application:** Given the CoC's unanimous decision for liquidation, the defunct status of the

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Amit Vijay…; Resolution…
- **Respondents:** Crystal Facilities…; PIRAMAL CAPITAL &…; +2 more
- **Advocates:** For the Petitioner…; Pratishth…; +2 more

## Timeline

- **January 19, 2023 — CIRP Admissio…**: The Adjudicating Authority admitted the application under Section 7 of the Code and…
- **January 26, 2023 — Public Announcement for…**: The IRP made a public announcement for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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