# In the matter of Chinar Retails and Infrastructure Private Limited

> NCLT judgment dated 2025-06-11. Citation: TCN-2025-NCLT-00916. The application was filed by the Resolution Professional of Chinar Retails and Infrastructure…

- **Court:** NCLT
- **Order date:** 11 Jun 2025
- **Citation:** TCN-2025-NCLT-00916
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/chinar-retails-and-infrastructure-private-limited-5aefa49e

## Summary

### Background

The application was filed by the Resolution Professional of Chinar Retails and Infrastructure 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

The CIRP was initiated against Chinar Retails and Infrastructure Private Limited on 02.05.2024.

The first CoC meeting was held on 05.06.2024, where the IRP was confirmed as the RP.

The CoC expressed its opinion that the Corporate Debtor is no longer an operational entity and there is no potential for turnaround.

The CoC members with 100% voting rights resolved to make and file an application for the initiation of the Liquidation Process.

The RP filed the liquidation application on 03.07.2024.

A suspended director of the corporate debtor had filed an appeal with the NCLAT, which was dismissed on 14.05.2025.

The CoC approved the liquidation with a 100% voting share.

## Issues and analysis

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

**Ratio:** Section 33(2) of the IBC, 2016, states that where the resolution professional intimates

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**Reasoning:** The CoC approved the liquidation with a 100% voting share, and no resolution plan was

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**Interpretation:** The Tribunal interpreted Section 33(2) to mean that if the CoC decides to

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**Application:** The Tribunal applied Section 33(2) to the facts of the case and found that the

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Amit Vijay…
- **Respondents:** Chinar Retails…
- **Other parties:** Mayuri…; Stress Credit…
- **Advocates:** Utsav Muk…

## Timeline

- **2024-05-02 — CIRP Init…**: Order passed initiating the CIRP against Chinar Retails and Infrastructure Private…
- **2024-05-06 — Receipt of Admission…**: The IRP received the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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