# In the matter of Nellai Realtors Private Limited

> NCLT judgment dated 2023-08-31. Citation: TCN-2023-NCLT-01815. The application IA/1428/CHE/2023 was filed in CP(IB)/110/CHE/2022 under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 31 Aug 2023
- **Citation:** TCN-2023-NCLT-01815
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nellai-realtors-private-limited-04e2336c

## Summary

### Background

The application IA/1428/CHE/2023 was filed in CP(IB)/110/CHE/2022 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, regarding Nellai 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 the Corporate Debtor's claimants by 2023-04-17. The Committee of Creditors (CoC) was formed, with M/s. Piramal Capital & Housing Finance Limited holding 100% voting share. The first CoC meeting was held on 2023-05-03, where the IRP appraised the CoC that the Corporate Debtor had no business operations and was not a going concern. The CoC decided to liquidate the

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## Facts

Nellai Realtors Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2023-03-31. N.Veerapandian was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2023-04-06, inviting claims. The Committee of Creditors (CoC) consisted of M/s. Piramal Capital & Housing Finance Limited, holding 100% voting share with a claim of INR 82,26,11,662. The first CoC meeting on 2023-05-03 revealed the Corporate Debtor was non-operational and not a going concern. The CoC decided on 2023-06-19 to liquidate the Corporate Debtor with unanimous voting. The Corporate Debtor had no business operations, its parent company was already in liquidation, and it held only one immovable property due to land ceiling restrictions.

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## Issues and analysis

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

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

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**Reasoning:** The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor,

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to

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

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** N.Veerapa…
- **Respondents:** Nellai Realtors…
- **Advocates:** Dominic S…

## Timeline

- **2023-03-31 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated for Nellai Realtors Private…
- **2023-04-06 — Public Annou…**: IRP issued a public announcement inviting…

## 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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