# In the matter of Porpoise Realtors Private Limited

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01676. The application IA/1479/CHE/2023 was filed in CP(IB)/123/CHE/2022 under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 12 Sept 2023
- **Citation:** TCN-2023-NCLT-01676
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/porpoise-realtors-private-limited-014bb703

## Summary

### Background

The application IA/1479/CHE/2023 was filed in CP(IB)/123/CHE/2022 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, concerning Porpoise 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) held its first meeting on 2023-05-03, where the applicant informed the CoC that the Corporate Debtor had no business operations and was not a going concern. The applicant requested the CoC to approve eligibility criteria for publishing Form G, inviting resolution plans. However, the CoC

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## Facts

The Corporate Debtor, Porpoise Realtors Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2023-03-31. N.Veerapandian was appointed as the Interim Resolution Professional (IRP). The company had no business operations and was not a going concern as of the Insolvency Commencement Date. The sole member of the Committee of Creditors (CoC) was M/s. Piramal Capital & Housing Finance Limited, holding 100% voting share. The CoC decided to liquidate the Corporate Debtor in its second meeting held on 2023-06-19, citing the company's non-operational status, lack of prospective resolution applicants, and the liquidation of its parent company, Jeffson Universal Logistics Private Limited, and main operational company, St. John Freight Systems

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Porpoise Realtors Private Limited, should be liquidated under Section …

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

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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 mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the CoC's unanimous decision to liquidate the Corporate Debtor,

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** N.Veerapa…
- **Respondents:** Porpoise Realtors…
- **Advocates:** Dominic S…

## Timeline

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

## 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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