# In the matter of Jai Bhole Nath Enterprises Pvt. Ltd. CA No.34-2020 & 24-2020 In CP (lB) No.267-Chd-Pb-2018

> NCLT judgment dated 27 Jan 2020. Citation: TCN-2020-NCLT-02172. The case involves an application filed by Beam Global Spirits & Wine (India) Private Limited…

- **Court:** NCLT
- **Order date:** 27 Jan 2020
- **Citation:** TCN-2020-NCLT-02172
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jai-bhole-nath-enterprises-pvt-ltd-ca-no34-2020-24-2020-in-cp-lb-no267-chd-pb-20-0ebcc37f

## Summary

### Background

The case involves an application filed by Beam Global Spirits & Wine (India) Private Limited challenging the Resolution Professional's decision to reject its claim due to delay. The NCLT had already directed the initiation of liquidation proceedings for the Corporate Debtor, M/s Jai Bholenath Enterprises Private Limited.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Jai Bhole Nath Enterprises Pvt. Ltd. on April 12, 2019. Shri Sandeep Chandna was initially appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC), with Punjab National Bank holding 100% voting share, resolved to replace the IRP with Shri Kuljeet Singh as the Resolution Professional (RP) in its first meeting on May 10, 2019. The Adjudicating Authority (AA) approved this replacement on July 30, 2019.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s Jai Bholenath…

**Ratio:** The Adjudicating Authority shall pass a liquidation order under Section 33 (1) (a) of the…

**Reasoning:** The CoC unanimously resolved to liquidate the Corporate Debtor because no resolution plan…

**Interpretation:** The court interpreted Section 33 (1) (a) to mean that if the conditions for a…

**Application:** Given that no resolution plan was received for M/s Jai Bholenath Enterprises…

## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Advocates:** For the Resolution…; Pulkit Goyal,…; +1 more

## Timeline

- **April 12, 2019 — CIRP Init…**: CIRP proceedings were initiated against the Corporate Debtor, and Shri Sandeep Chandna…
- **May 10, 2019 — RP Replacement…**: In the first CoC meeting, it was resolved to replace the IRP with Shri Kuljeet Singh as…

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