# In the matter of VIZTAR INTERNATIONAL PRIVATE LIMITED

> NCLT judgment dated 2026-03-05. Citation: TCN-2026-NCLT-00224. The case pertains to an Interlocutory Application filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 5 Mar 2026
- **Citation:** TCN-2026-NCLT-00224
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/viztar-international-private-limited-563026e7

## Summary

### Background

The case pertains to an Interlocutory Application filed by the Resolution Professional, Mr. Kshitiz Gupta, for initiating the Liquidation Process of the Corporate Debtor, Viztar International Private Limited.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Viztar International Private Limited was initiated on 20.02.2025.

Mr. Indrajit Mukherjee was appointed as the Interim Resolution Professional (IRP).

The total admitted liabilities of the Corporate Debtor were approximately Rs 7.87 Crores.

The Committee of Creditors (CoC) comprised a single Financial Creditor, Mr. Sahil Deepak Surve, holding 100% voting share.

Multiple attempts were made to invite resolution plans by publishing Form-G in newspapers.

No resolution plan was received despite extending the deadline.

The CoC decided to initiate liquidation proceedings as per Section 33(2) of the Insolvency and Bankruptcy Code, 2016.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Viztar International Private Limited, should be liquidated due to the …

**Ratio:** Section 33(2) of the

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**Reasoning:** The CoC, in its commercial wisdom, determined that the continuation of CIRP would not

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**Interpretation:** The absence of a resolution plan, despite multiple attempts, justifies the

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**Application:** The Adjudicating Authority considered the CoC's decision and the fact that no

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Kshitiz…
- **Respondents:** Viztar Internation…; SAHIL DIPAK…
- **Other parties:** Sahil Deepa…; Sanjay Vijay…; +1 more
- **Advocates:** Ashish…

## Timeline

- **2025-02-20 — Initiation…**: Corporate Insolvency…
- **2025-02-20 — Appointment…**: Mr. Indrajit Mukherjee appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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