# In the matter of Green Gardens Pvt. Ltd.

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-02531. The case involves two applications filed by Ms. Sripriya Kumar, the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-02531
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/green-gardens-pvt-ltd-94b07839

## Summary

### Background

The case involves two applications filed by Ms. Sripriya Kumar, the Resolution Professional of Green Gardens Private Limited (Corporate Debtor). The first application, IA/(IBC)/427(CHE)/2023 in CP/709(IB)/CB/2018, sought an order for liquidation and the appointment of the Resolution Professional as the Liquidator. The second application, IA/(IBC)/1504(CHE)/2022 in CP/709(IB)/CB/2018, requested the exclusion of 45 days from the CIRP period, specifically from December 17, 2022, to January 31, 2023, to allow the applicant to complete the CIRP. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on June 22, 2018. Initially, Mr. Nurani Subramanian Suryanarayanan was appointed as the Interim Resolution Professional, followed by Ms.

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## Facts

Green Gardens Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated on June 22, 2018. Mr. Nurani Subramanian Suryanarayanan was initially appointed as the Interim Resolution Professional, followed by Ms. Sripriya Kumar and Mr. TV Balasubramanian as Resolution Professionals. The Corporate Debtor and Corporate Guarantor have no commercial operations. The main asset is a semi-constructed building on land admeasuring 14 grounds in the name of the Corporate Debtor and 7 grounds in the name of the Corporate Guarantor. Kotak Mahindra Bank holds the majority voting share in both companies, leading to a synchronized CIRP process. The Resolution Professional faced delays due to unclear land ownership, impacting the Expression of

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## Issues and analysis

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

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

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**Reasoning:** The Committee of Creditors (CoC) voted with a 99.96% share to liquidate the Corporate

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**Interpretation:** Section 33(2) of the IBC grants the Adjudicating Authority the power to order

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**Application:** Given the CoC's decision and the provisions of Section 33(2) of the IBC, the

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## Parties

- **Judges:** Shri. Sanji…; Shri. Samee…
- **Appellants:** Sripriya…
- **Respondents:** Green Gardens…; Committee of…

## Timeline

- **2018-06-22 — Admission in…**: Green Gardens Private Limited was admitted into the Corporate Insolvency Resolution…
- **2019-02-13 — Appointment of…**: Ms. Sripriya Kumar and Mr. TV Balasubramanian…

## 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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