# In the matter of Chinar Realty Private Limited

> NCLT judgment dated 2025-06-11. Citation: TCN-2025-NCLT-01066. The application was filed by the Resolution Professional of Chinar Realty Private Limited under…

- **Court:** NCLT
- **Order date:** 11 Jun 2025
- **Citation:** TCN-2025-NCLT-01066
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/chinar-realty-private-limited-46970424

## Summary

### Background

The application was filed by the Resolution Professional of Chinar Realty Private Limited under Section 60(5) read with Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor.

## Facts

CIRP was initiated against Chinar Realty Private Limited on 02.05.2024, filed by Omkara Assets Reconstruction Private Limited under Section 7 of the Code.

Amit Vijay Karia was appointed as the IRP and later confirmed as the RP.

Several CoC meetings were held, and the CoC approved the Request for Resolution Plan (RFRP) and Evaluation Matrix (EM).

The CIRP period was extended to 27.01.2025.

No resolution plans were received despite extending the last date for submission multiple times.

The CoC decided to initiate the liquidation process under Section 33 of the Code with 100% voting share.

The suspended director of the corporate debtor filed an appeal with the NCLAT, which was dismissed.

The RP filed a liquidation application on 02.01.2025.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be admitted into liquidation under Section 33(2) of the …

**Ratio:** Section 33(2) of the IBC, 2016, allows the Adjudicating Authority to pass a liquidation

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with 100% voting share after

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**Interpretation:** The Adjudicating Authority has the power to order liquidation if the CoC

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**Application:** The Tribunal found that the conditions required under Section 33(2) of the IBC,

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Amit Vijay…
- **Respondents:** Chinar Realty…
- **Other parties:** AAA Insolvency…; Mohd. Raees…
- **Advocates:** Utsav Muk…

## Timeline

- **2024-05-02 — Initiation…**: CIRP initiated against…
- **2024-05-06 — Admission Order Copy…**: IRP received the…

## 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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