# PCS Vaishali Patrikar vs. VR2 Land Development Private Limited

> NCLT judgment dated 2026-07-09. Citation: TCN-2026-NCLT-00610. The Corporate Debtor (VR2 Land Development Private Limited) was admitted into Corporate…

- **Court:** NCLT
- **Order date:** 9 Jul 2026
- **Citation:** TCN-2026-NCLT-00610
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/pcs-vaishali-patrikar-vs-vr2-land-development-private-limited-iji8u

## Summary

### Background

The Corporate Debtor (VR2 Land Development Private Limited) was admitted into Corporate Insolvency Resolution Process (CIRP) on 06.06.2023. Mr. Debi Prasanna Sarang was appointed as the Interim Resolution Professional (IRP), who was later replaced by PCS Vaishali Patrikar (Applicant/Resolution Professional). The Committee of Creditors (CoC) was constituted with Gajendra Investment Limited as its sole member. Initially, the CoC resolved to dissolve the CD without liquidation, but this application was later withdrawn. Due to the absence of resolution plans and the identification of avoidance transactions through a Transaction Audit Report, the CoC subsequently resolved to initiate the liquidation process for the Corporate Debtor.

## Facts

The instant Application was filed by PCS Vaishali Patrikar, Insolvency Professional (Applicant / Resolution Professional), under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation qua VR2 Land Development Private Limited, the Corporate Debtor (CD).

The CD was incorporated on 07.05.2007, and its business includes Builders, Executors, Developers, Infrastructure Developers, and contractors.

The CD was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority (AA) vide Order dated 06.06.2023, passed under Section 7 of the Code.

Mr. Debi Prasanna Sarang was appointed as the Interim Resolution Professional (IRP) pursuant to the admission order.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, VR2 Land Development Private Limited, should be liquidated under …

**Ratio:** Liquidation is to be ordered when the Committee of Creditors (CoC) resolves to liquidate

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**Reasoning:** The maximum statutory period of 180 days for the Corporate Insolvency Resolution Process

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**Interpretation:** Section 33(2) of the Code empowers the Adjudicating Authority to pass a

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**Application:** Given the CoC's resolution to liquidate and the failure to receive a viable

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** PCS Vaishali…
- **Respondents:** VR2 Land Developme…
- **Other parties:** Gajendra Investmen…; Debi Prasanna…; +2 more
- **Advocates:** Avinash R.…; Mahest T.…

## Timeline

- **2007-05-07 — Incorporatio…**: VR2 Land Development Private Limited…
- **2023-06-06 — CIRP Admi…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by…

## 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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