# Reliance AIF Management Company Limited and others vs. Bharucha And Motivala Infrastructure Private Limited

> NCLT judgment dated 2026-08-24. Citation: TCN-2026-NCLT-00909. An Interlocutory Application (IA(LIQ.)/82/2024) was filed by Kedar Parshuram Mulye, the…

- **Court:** NCLT
- **Order date:** 24 Aug 2026
- **Citation:** TCN-2026-NCLT-00909
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/reliance-aif-management-company-limited-and-others-vs-bharucha-and-motivala-infr-lnfw8

## Summary

### Background

An Interlocutory Application (IA(LIQ.)/82/2024) was filed by Kedar Parshuram Mulye, the Resolution Professional (RP) of Bharucha & Motivala Infrastructure Private Limited (Corporate Debtor), under Section 33 of the IBC, 2016, seeking the liquidation of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 06.05.2021. The CIRP was subsequently stayed by an NCLAT order following an appeal by a suspended director, Zubin Bharucha, which was later dismissed. Upon resumption of the CIRP, a Form G was republished to invite Expressions of Interest (EOIs) from Prospective Resolution Applicants (PRAs). Only one resolution plan was received from the promoters of the Corporate Debtor, which was ultimately rejected by the

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## Facts

IA(LIQ.)/82/2024 was filed on 08.07.2024 (refiled on 20.08.2024) by Kedar Parshuram Mulye, Resolution Professional of the Corporate Debtor, under Section 33 of the IBC, 2016, seeking liquidation.

The Corporate Debtor, Bharucha & Motivala Infrastructure Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) by order dated 06.05.2021 in CP (IB) No. 4108 of 2019.

Kedar Parshuram Mulye was appointed as the Interim Resolution Professional (IRP) on 06.05.2021.

A Public Announcement in Form A was made on 16.05.2021, with 26.05.2021 as the last date for submission of claims.

The Committee of Creditors (CoC) was constituted after collating claims, with Nippon Life India AIF Management Limited holding 87.02% voting share.

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application seeking liquidation of the Corporate Debtor, Bharucha & …

**Ratio:** The Adjudicating Authority shall pass a liquidation order if the resolution professional

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**Reasoning:** The CoC, in its 15th meeting on 01.07.2024, resolved to initiate liquidation of the

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**Interpretation:** Section 33(2) mandates the Adjudicating Authority to pass a liquidation order

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**Application:** Since the CoC passed a resolution for liquidation with a 95.52% voting share,

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## Parties

- **Judges:** Vinay…; Charanjeet Singh…
- **Appellants:** Zubin Bha…; Kedar Parshuram…; +1 more
- **Respondents:** Bharucha and…
- **Other parties:** Committee of…; Rustom Bh…; +7 more
- **Advocates:** Yahaya Bata…; Krushi…

## Timeline

- **2021-05-06 — CIRP Admission and IRP…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) in CP (IB)…
- **2021-05-16 — Public Annou…**: Applicant made a Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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