# In the matter of Nellai Realtors Private Limited

> NCLT judgment dated 2023-08-31. Citation: TCN-2023-NCLT-01813. 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-01813
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nellai-realtors-private-limited-95f17217

## 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 that the Corporate Debtor had no business operations and was not a going concern. The CoC requested the IRP to withhold the

…

## 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 by 2023-04-17. M/s. Piramal Capital & Housing Finance Limited held 100% voting share in the Committee of Creditors (CoC). The first CoC meeting on 2023-05-03 revealed the Corporate Debtor's non-operational status and lack of business. The CoC withheld publication of Form G to evaluate strategies for 19 co-borrower entities. The second CoC meeting on 2023-06-19 resolved to liquidate the Corporate Debtor with 100% voting. The Corporate Debtor was non-operational for a long time, with no other business conducted. The main

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Nellai Realtors Private Limited, …

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

…

**Reasoning:** The Committee of Creditors (CoC), holding 100% voting share, resolved to liquidate the

…

**Interpretation:** Section 33(2) provides a mechanism for the CoC to decide on liquidation when

…

**Application:** In this case, the CoC, with 100% voting share, approved the liquidation. The

…

## Parties

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

## Timeline

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nellai-realtors-private-limited-95f17217