PRONOUNCMENT OF ORDER

Delivered on 30/04/2026

The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

SD/- SD/-

MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Chandni - LRA

IN THE HON'BLE NATIONAL COMPANY LAW TRIBUNAL

INDORE BENCH

IA (I.B.C)/85(MP)2026

IN

CP (IB) No. 53 of 2023

[This is an application on behalf of the liquidator under section 60(5) of the Insolvency and Bankruptcy code, 2016 and read with rule 11 of the NCLT Rules, 2016]

IN THE MATTER OF:

M/S AAA Insolvency Professionals LLP

Through Authorised Partner CA Anil Goel

Reg. No.:

IBBI/IPE-0002/IPA-1/2022-23/50001

First Floor, #64, Okhla Estate, Phase III,

(Near Modi Mills), New Delhi 110020

E-mail Id:

Liquidation.Chinarrealty@Gmail.Com

…. Liquidator/

Applicant

IN THE MAIN MATTER OF:

Omkara Assets Reconstruction Pvt. Ltd. ....Financial Creditor

Versus

Chinar Realty Private Limited ....Corporate Debtor

CORAM:

BRAJENDRA MANI TRIPATHI, HON’BLE MEMBER (J),

MAN MOHAN GUPTA, HON’BLE MEMBER (T)

APPEARANCE

For Applicant/Liquidator: Mr. Utsav Mukherjee, Advocate, Neo Legal Partners, B-404, LGF, CR Park, New Delhi – 110019

ORDER

DELIVERED ON 30.04.2026

1. BACKGROUND AND NATURE OF THE APPLICATION

1.1 The present application is being filed by the Liquidator (hereinafter referred to as "Applicant") of Chinar Realty Private Limited (hereinafter referred to as "Corporate Debtor") in CP (IB) No. 53 of 2023 seeking leave of this Hon'ble Adjudicating Authority to pursue a Scheme of Compromise and Arrangement of the Corporate Debtor under Section 230 of the Companies Act, being filed under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016 (hereinafter referred to as "Liquidation Regulation") in the best interest of the Corporate Debtor, pursuance of the decision of the Stakeholders' Committee and evinced interest by Scheme Proposer regarding the same.

1.2 The Applicant has prayed for the following reliefs:

a) Grant of leave to pursue a Scheme of Compromise and Arrangement of the Corporate Debtor under Section 230 of the Companies Act, 2013 read with Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016 ("Liquidation Regulations");

b) Grant of leave to publish an Expression of Interest ("EOI") and invite compromise/arrangement schemes from the public at large and all eligible persons/entities, and to place all such proposals received before the Stakeholders' Consultation Committee ("SCC") for consideration and further recommendation/approval; and

c) Pass such further and other orders and directions as the nature and circumstances of the case may require and as this Hon'ble Tribunal may deem fit and proper.

2. RELEVANT FACTS AND BACKGROUND:

2.1 The Corporate Insolvency Resolution Process ("CIRP") of the Corporate Debtor, Chinar Realty Private Limited, was commenced by this Adjudicating Authority vide order dated 02.05.2024.

2.2 The 6th Committee of Creditors ("CoC") meeting was held on 23.12.2024, wherein the members of the CoC unanimously voted for liquidation of the Corporate Debtor and proposed AAA Insolvency Professional LLP as the Liquidator. It is pertinent to note that while recommending liquidation, the CoC had additionally expressed its wish that the Liquidator first explore sale of the Corporate Debtor as a going concern, as was permissible under Regulation 39C of the CIRP Regulations at that time. However, the CoC did not make any specific recommendation under Regulation 39BA of the CIRP Regulations for exploring a scheme of compromise or arrangement under Section 230 of the Companies Act, 2013.

2.3 This Adjudicating Authority passed an order for liquidation of the Corporate Debtor on 11.06.2025 and appointed Mr. Mohd. Raees Sheikh as the Liquidator. Aggrieved by the said appointment, a Financial Creditor filed Company Appeal (AT)(Ins) No. 914 of 2025 before the Hon'ble National Compa