# In the matter of Fauna Realtors Private Limited

> NCLT judgment dated 2023-08-31. Citation: TCN-2023-NCLT-01825. The application IA/1443/CHE/2023 was filed in CP(IB)/131/CHE/2022 under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 31 Aug 2023
- **Citation:** TCN-2023-NCLT-01825
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fauna-realtors-private-limited-9aaf7722

## Summary

### Background

The application IA/1443/CHE/2023 was filed in CP(IB)/131/CHE/2022 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of Fauna Realtors Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2023-03-31, and N.Veerapandian was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement on 2023-04-06, inviting claims from creditors by 2023-04-17. The first CoC meeting was held on 2023-05-03, where the applicant appraised the CoC that the Corporate Debtor had no business operations. The CoC resolved to liquidate the Corporate Debtor with 100% voting in the second CoC meeting held on 2023-06-19.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Fauna Realtors Private Limited was initiated on 2023-03-31. N.Veerapandian was appointed as the Interim Resolution Professional (IRP). A public announcement was issued on 2023-04-06, with a claim submission deadline of 2023-04-17. The first meeting of the Committee of Creditors (CoC) was held on 2023-05-03, where the IRP informed the CoC that the Corporate Debtor had no business operations. The CoC was comprised of a single financial creditor, Piramal Capital & Housing Finance Limited, holding 100% of the voting share with admitted claims of INR 82,26,11,662/-. The CoC decided to liquidate the Corporate Debtor in a meeting held on 2023-06-19 with 100% voting. The Corporate Debtor was deemed non-operational for a

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, Fauna …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The Committee of Creditors (CoC) of Fauna Realtors Private Limited, holding 100% of the

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**Interpretation:** Section 33(2) of the IBC, 2016, provides a clear framework for the liquidation

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**Application:** In this case, the CoC, holding 100% of the voting share, decided to liquidate

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** N.Veerapa…
- **Respondents:** Fauna Realtors…

## Timeline

- **2023-03-31 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Fauna Realtors Private Limited was…
- **2023-04-06 — Public Annou…**: Public announcement issued…

## 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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