# In the matter of Drishti India Limited IA-960-PB-2022 in C.P. No. IB-354(PB)-2021

> NCLT judgment dated 2022-08-04. Citation: TCN-2022-NCLT-01470. The case involves an application filed by the Resolution Professional (RP) of M/s Drishti India…

- **Court:** NCLT
- **Order date:** 4 Aug 2022
- **Citation:** TCN-2022-NCLT-01470
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/drishti-india-limited-ia-960-pb-2022-in-cp-no-ib-354pb-2021-3427719a

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of M/s Drishti India Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking direction for liquidation of the Corporate Debtor. The Financial Creditor, Manish Kumar & Another, had previously filed an application under Section 7 of the Code for initiating CIRP against the Corporate Debtor, which was admitted on 01.11.2021. Priyanka Chouhan was appointed as the IRP and later confirmed as the Resolution Professional based on the recommendation of the CoC. The RP made a public announcement for invitation of claims, and the CoC decided to liquidate the Corporate Debtor due to the absence of operations and resolution plans.

## Facts

Manish Kumar & Another, the Financial Creditor, initiated CIRP against M/s Drishti India Limited, the Corporate Debtor, under Section 7 of the IBC. The petition was admitted on 01.11.2021, and Priyanka Chouhan was appointed as the IRP and later confirmed as the RP. The RP made a public announcement for claims. The Corporate Debtor's primary asset is a 10-acre parcel of land in Faridabad, Haryana, registered in its name but possessed by Saj Housing Private Limited (SHPL) since 2012 under a development agreement. SHPL claimed to have invested Rs. 10 Crore in 2011 for developing the land and applied for sanctions for change of land use, obtaining NOC in June 2019. SHPL filed a claim as an operational creditor for Rs. 148,33,59,926, which was rejected by the RP as

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s Drishti India Limited, under …

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

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**Reasoning:** The CoC recommended the liquidation of the Corporate Debtor due to the absence of ongoing

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

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**Application:** The court applied Section 33(2) based on the CoC's recommendation and the

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** Manish…
- **Respondents:** M/s Drishti India…

## Timeline

- **2021-11-01 — Admission of CIRP…**: The petition filed by the Financial Creditor under Section 7 of the IBC was admitted by…
- **2021-11-04 — Public Annou…**: The Resolution Professional made a public…

## 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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