# In the matter of Qutab Realcon Private Limited IA 4482-2022 in Company Petition No. IB-161(PB)-2022

> NCLT judgment dated 2023-01-02. Citation: TCN-2023-NCLT-05237. The Resolution Professional (RP) filed an application upon the instructions of the Committee of…

- **Court:** NCLT
- **Order date:** 2 Jan 2023
- **Citation:** TCN-2023-NCLT-05237
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/qutab-realcon-private-limited-ia-4482-2022-in-company-petition-no-ib-161pb-2022-65734ddb

## Summary

### Background

The Resolution Professional (RP) filed an application upon the instructions of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, Qutab Realcon Private Limited, due to the absence of a resolution plan. The Adjudicating Authority, on May 5, 2022, initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on a petition filed by Shakuntlam Securities Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Dharm Vir Gupta was appointed as the Interim Resolution Professional (IRP), later confirmed as RP. The RP issued a public announcement to invite Expression of Interest (EOI), but no EOI was received. The CoC, consisting of only one Financial Creditor, decided to

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## Facts

Shakuntlam Securities Private Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Qutab Realcon Private Limited, the Corporate Debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on May 5, 2022, and appointed Mr. Dharm Vir Gupta as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). The RP issued a public announcement to invite Expression of Interest (EOI) in Form G, but no EOI was received. The Committee of Creditors (CoC), consisting of only Shakuntlam Securities Private Limited, decided to liquidate the Corporate Debtor due to the absence of a resolution plan, non-availability of physical assets, cessation

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

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

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**Reasoning:** The CoC, consisting of the sole Financial Creditor, decided to liquidate the Corporate

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** Qutab Realcon…
- **Advocates:** Vatsalya…

## Timeline

- **2022-05-05 — CIRP Init…**: Adjudicating Authority initiated CIRP against Qutab Realcon Private Limited based on a…
- **2022-07-12 — Public Annou…**: RP issued a public announcement for inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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