# In the matter of Jarvis Infratech Private Limited I.A. 5692-2020 in Company Petition No. (IB)-2354(ND)-2019

> NCLT judgment dated 2021-02-16. Citation: TCN-2021-NCLT-03025. The case involves an application filed by the Resolution Professional (RP) under Section 33(1)…

- **Court:** NCLT
- **Order date:** 16 Feb 2021
- **Citation:** TCN-2021-NCLT-03025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jarvis-infratech-private-limited-ia-5692-2020-in-company-petition-no-ib-2354nd-2-4a8d85e1

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor (CD), Jarvis Infratech Private Limited. The Financial Creditor, Noble Co-operative Bank Limited, had previously filed an application under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the CD, which was admitted on 2020-02-10. The RP published Form-G to invite Expression of Interest (EOI) from prospective Resolution Applicants, but no EOI was received. The Committee of Creditors (CoC) decided to liquidate the CD in its 4th meeting held on 2020-12-07 with 100% voting share.

## Facts

Noble Co-operative Bank Limited, the Financial Creditor (FC), initiated Corporate Insolvency Resolution Process (CIRP) against Jarvis Infratech Private Limited, the Corporate Debtor (CD), under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated on 2020-02-10. Mr. Dinesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC). The applicant was later appointed as the Resolution Professional (RP). The RP published Form-G on 2020-10-28 to invite Expression of Interest (EOI) from prospective Resolution Applicants, but no EOI was received. The suspended directors of the CD were not cooperating, and the CD had no operational business. The CoC decided

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(1) of the …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The court reasoned that since no Expression of Interest (EOI) was received after the

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**Interpretation:** Section 33(1) of the IBC is interpreted to mean that if the CoC, after due

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor (Jarvis

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Respondents:** Jarvis Infratech…

## Timeline

- **2020-02-10 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Jarvis Infratech Private…
- **2020-10-28 — Form-G Publ…**: Form-G published to invite Expression of Interest (EOI) from prospective Resolution…

## 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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