# In the matter of Porpoise Realtors Private Limited

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01691. 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-01691
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/porpoise-realtors-private-limited-5d511793

## 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 them 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 Insolvency Resolution Process (CIRP) of Porpoise Realtors Private Limited was initiated on 2023-03-31. 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 first meeting of the Committee of Creditors (CoC) was held on 2023-05-03, where the applicant informed them 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 requested the applicant to withhold the publication of Form G as they were evaluating a strategy for all 19 co-borrower entities. In the

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## Issues and analysis

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

**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) of the IBC allows for liquidation when the CoC, with the

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**Application:** In this case, the CoC, representing 100% of the voting share, decided that

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## Parties

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

## 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 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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