# In the matter of Fort Projects Private Limited

> NCLT judgment dated 2025-06-20. Citation: TCN-2025-NCLT-00880. The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Jun 2025
- **Citation:** TCN-2025-NCLT-00880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/fort-projects-private-limited-bbb07edf

## Summary

### Background

The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of Fort Projects Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Fort Projects Private Limited on a petition filed by Emami Realty Limited, the Financial Creditor.

## Facts

CIRP was initiated against Fort Projects Private Limited based on a petition by Emami Realty Limited.

C.A Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The extended CIRP period expired on 18th February 2025, and further extensions were granted.

The CoC rejected the resolution plan by 76.63% voting share.

The CoC voted to proceed with the liquidation of the Corporate Debtor under section 33(2) of the IBC Code 2016.

The CoC proposed the name of C.A Kannan Tiruvengadam as the Liquidator.

The Adjudicating Authority found that there was no scope for resolution of the Corporate Debtor.

The Adjudicating Authority appointed Shri Umesh Kumar as the Liquidator instead of C.A Kannan Tiruvengadam.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(2) of the Insolvency and …

**Ratio:** Section 33(2) of the Code enjoins the Adjudicating Authority to pass an order for

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with 78.28% voting share,

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**Interpretation:** The Adjudicating Authority interpreted Section 33(2) to mean that it is

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**Application:** The Adjudicating Authority applied Section 33(2) and ordered the liquidation of

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## Parties

- **Judges:** Labh S…; Ms Rekha Kantilal…
- **Appellants:** Emami Realty…; C. A. Kannan…
- **Respondents:** Fort Projects…
- **Other parties:** Umesh K…
- **Advocates:** Rishav Ba…

## Timeline

- **2023-11-09 — Initiation…**: Adjudicating Authority directed initiation of…
- **2024-02-27 — CoC Meet…**: 3rd CoC meeting held, C.A Kannan…

## 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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