  JHK spectroscopic and photometric observations are reported for the
enigmatic, nova-like, variable V445 Puppis which erupted at the end of 2000.
The near-IR spectra are hydrogen-deficient and unusually rich in CI lines. The
important CI lines are found to be positioned at 1.133, 1.166, 1.175, 1.189,
1.26 and 1.689 microns. Model calculations for the CI lines are done to make
the identification of the lines secure. Photometric data, taken on January 2.90
UT, 2001 shortly after the outburst, show the formation of an optically thin
dust shell around V445 Puppis. The temperature and upper limit for the mass of
the dust shell are estimated to be 1800K and M(dust) ~ 1oe-9 M(sun)
respectively . A subsequent episode of massive dust formation - indicated by
the observed, deep visual dimming - is also seen in JHK images of early
November 2001. V445 Puppis has shown two unusual properties for a nova i) the
hydrogen-deficiency and He/C enrichment of the object as seen from optical and
IR data and ii) synchrotron radio emission which was detected nearly a year
after it's outburst by other workers. The strange nature of the object is
discussed and it is shown that it is difficult to place it in the known
categories of eruptive variables viz. novae (classical, recurrent or
symbiotic); born-again AGB stars; the new class of eruptive variables like V838
Mon; and RCB/HdC stars. Tentative evidence for an accretion disk and binarity
of the V445 Puppis system is presented. It is debated whether V445 Puppis is a
rare Helium nova or an unique object.
