# In the matter of Jain Timber Co Private Limited

> NCLT judgment dated 25 Sept 2024. Citation: TCN-2024-NCLT-00547. The Resolution Professional filed an application under Section 33 and 34 of the Insolvency…

- **Court:** NCLT
- **Order date:** 25 Sept 2024
- **Citation:** TCN-2024-NCLT-00547
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jain-timber-co-private-limited-2ae97b0c

## Summary

### Background

The Resolution Professional filed an application under Section 33 and 34 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking directions for the liquidation of the Corporate Debtor, Jain Timber Co Private Limited.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Jain Timber Co Private Limited, the corporate debtor, on August 4, 2023, based on an application filed under Section 10 of the IBC. Jain Timber Co Private Limited was initially appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional in the first Committee of Creditors (CoC) meeting held on September 7, 2023.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order for liquidation of the Corporate Debtor…

**Ratio:** The Adjudicating Authority shall pass a liquidation order if the Committee of Creditors,…

**Reasoning:** The Tribunal noted that Section 33(2) of the IBC mandates the Adjudicating Authority to…

**Interpretation:** Section 33(2) of the IBC is interpreted to mean that the Adjudicating…

**Application:** Given that the CoC unanimously approved the liquidation of Jain Timber Co…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Advocates:** For the Applicant:…; Nishtha Grover.…; +2 more

## Timeline

- **August 4, 2023 — CIRP Init…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process against Jain…
- **August 13, 2023 — Public Annou…**: Resolution Professional made a public…

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