# In the matter of KAVED REALTY PRIVATE LIMITED

> NCLT judgment dated 2026-04-22. Citation: TCN-2026-NCLT-00457. The Corporate Insolvency Resolution Process (CIRP) for M/s Kaved Realty Private Ltd. (Corporate…

- **Court:** NCLT
- **Order date:** 22 Apr 2026
- **Citation:** TCN-2026-NCLT-00457
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/kaved-realty-private-limited-ad389fa2

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for M/s Kaved Realty Private Ltd. (Corporate Debtor) was initiated on October 23, 2024, with Mr. Rajkumar Jaiswal appointed as Interim Resolution Professional, later confirmed as Resolution Professional. Despite multiple attempts to solicit resolution plans through public announcements and re-publication of Form G, and the receipt of two resolution plans, no viable plan was approved. A significant issue arose with revenue authorities making mutation entries deleting the Corporate Debtor's name from property records, violating the moratorium under Section 14 of the IBC. The Committee of Creditors (CoC), comprising solely Unity Small Finance Bank Limited, ultimately rejected a resolution for liquidation in its 11th

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Kaved Realty Private Ltd. (Corporate Debtor) vide order dated 23.10.2024.

Mr. Rajkumar Jaiswal was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP).

A public announcement was made on 28.10.2024 in Financial Express and Loksatta (Marathi).

Form G was initially published on 24.12.2024, with the last day for submission of Expression of Interest (Eol) from Prospective Resolution Applicants (PRA) on 23.01.2025 and for Resolution Plan on 24.03.2025.

In the Fourth CoC meeting on 15.04.2025, CoC members approved re-publication of Form G, which occurred on 21.04.2025.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s Kaved Realty Private Ltd., should be ordered for liquidation …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, mandates that if the

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**Reasoning:** The Tribunal observed that the CIRP period for M/s Kaved Realty Private Ltd. had already

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**Interpretation:** The Tribunal interpreted Section 33(1)(a) as a mandatory provision, implying

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**Application:** Applying Section 33(1)(a) to the facts, since the CIRP period for M/s Kaved

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## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Unity Small…; RAJKUMAR J…
- **Respondents:** M/S KAVED REALTY…; Kaved Realty…

## Timeline

- **2024-10-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor,…
- **2024-10-28 — Public Annou…**: Applicant made a public announcement in Financial Express and Loksatta (Marathi…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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