# In the matter of Parallax Décor Private Limited

> NCLT judgment dated 2025-05-08. Citation: TCN-2025-NCLT-00974. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 May 2025
- **Citation:** TCN-2025-NCLT-00974
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/parallax-dcor-private-limited-68b38a84

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of the Corporate Debtor (CD), seeking liquidation of the CD. The CIRP was initiated based on an application under Section 7 of the Code, and the Applicant was appointed as the Interim Resolution Professional (IRP).

## Facts

The application under Section 7 of the Code was admitted on 14.12.2023, initiating the CIRP of the Corporate Debtor.

The Applicant was appointed as the Interim Resolution Professional (IRP).

The Public Announcement was made on 17.12.2023, and the last date to submit claims was 28.12.2023.

The IRP constituted the Committee of Creditors (CoC).

The first CoC meeting was convened on 13.01.2024, where the IRP was appointed as the Resolution Professional (RP).

The Applicant convened the Third CoC meeting on 27.03.2024, where the CoC rejected the proposal for liquidation and approved the proposal to continue with the CIRP by publishing Form G.

The Applicant published Form G on 21.04.2024, inviting Expression of Interest (Eol) from Prospective Resolution Applicants (PRAs).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(1)(a) of the Code due to the …

**Ratio:** Section 33(1)(a) of the Code allows for the liquidation of the Corporate Debtor if no

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received under Section 30(6)

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**Interpretation:** The absence of a resolution plan and the CoC's decision to liquidate the

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**Application:** The Adjudicating Authority ordered the liquidation of the Corporate Debtor

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Ankit…
- **Respondents:** Parallax Décor…
- **Other parties:** Omkara Assets…; Vinod Balasaheb…; +1 more
- **Advocates:** Swechcha…

## Timeline

- **2023-12-14 — Admission of Ap…**: Application under Section 7 of the Code was admitted, initiating the CIRP of the…
- **2023-12-17 — Public Annou…**: Public Announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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