# In the matter of Parallax Decor Private Limited

> NCLT judgment dated 2025-05-08. Citation: TCN-2025-NCLT-00105. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 May 2025
- **Citation:** TCN-2025-NCLT-00105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/parallax-decor-private-limited-74129b3d

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of the Corporate Debtor (CD), Parallax Décor Private Limited, seeking liquidation of the CD. The Corporate Insolvency Resolution Process (CIRP) was initiated after the application under Section 7 of the Code was admitted on 14.12.2023. The RP was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted. The CoC rejected the proposal for liquidation initially and approved the continuation of CIRP by publishing Form G. An Expression of Interest (Eol) was invited, and one Eol was received from Mr. Mehul Bhartia (Suspended Director/PRA). The PRA failed to submit the required

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## Facts

The Resolution Professional (RP) of Parallax Décor Private Limited filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking liquidation of the Corporate Debtor (CD). The Corporate Insolvency Resolution Process (CIRP) was initiated on 14.12.2023. The RP was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed. The CoC initially rejected liquidation and opted to continue the CIRP by publishing Form G to invite resolution plans. One Expression of Interest (Eol) was received from Mr. Mehul Bhartia, a Suspended Director/PRA, but he failed to submit the required Net Worth Certificate. The CIRP period was extended by 90 days. Subsequently, the CoC unanimously resolved to liquidate the CD on

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## Issues and analysis

### Issue 1: Whether the application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 for …

**Ratio:** Section 33(2) of the IBC allows for the initiation of liquidation proceedings if the

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**Reasoning:** The Adjudicating Authority did not receive a resolution plan within the CIRP period. The

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when no resolution plan

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**Application:** Since no resolution plan was received and the CoC resolved to liquidate, the

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Ankit…
- **Respondents:** Parallax Décor…; Omkara Assets…

## Timeline

- **2023-12-14 — Admission of Application…**: The application under Section 7 of the Code was admitted, initiating the Corporate…
- **2023-12-17 — Public Annou…**: Public announcement was made…

## 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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