# In the matter of Jas Infrastructure And Power Limited C.P.(IB) No.1290-KB-2018

> NCLT judgment dated 2020-07-17. Citation: TCN-2020-NCLT-01007. The case involves an application for the liquidation of Jas Infrastructure And Power Limited, a…

- **Court:** NCLT
- **Order date:** 17 Jul 2020
- **Citation:** TCN-2020-NCLT-01007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jas-infrastructure-and-power-limited-cpib-no1290-kb-2018-713a8c32

## Summary

### Background

The case involves an application for the liquidation of Jas Infrastructure And Power Limited, a corporate debtor, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) had been initiated earlier based on an application by Punjab National Bank, a financial creditor, due to a default in paying a financial debt of Rs. 689,19,83,028.19. Despite efforts by the Resolution Professional (RP), no resolution plan was received, leading the Committee of Creditors (CoC) to vote in favor of liquidation with a 98.45% voting share.

## Facts

Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Jas Infrastructure And Power Limited due to a default of Rs. 689,19,83,028.19. The CIRP was initiated on 16th October 2019. Animesh Mukhopadhyay was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite efforts, no resolution plan was received. The Committee of Creditors (CoC) voted with 98.45% share in favor of liquidation. The CoC also proposed Sajjan Kumar Dokania as the liquidator, but the RP was unwilling to continue due to a proposed reduction in fees. The suspended board of directors objected to the liquidation, claiming the initial application was barred by limitation, arguing that the debt was declared NPA on

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the IBC should be allowed given the …

**Ratio:** Section 33(2) of the IBC allows for the liquidation of a corporate debtor if no

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**Reasoning:** The court reasoned that the CoC, representing 98.45% of the financial creditors, voted in

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when resolution efforts

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**Application:** Since no resolution plan was received and the CoC voted for liquidation,

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Punjab National…
- **Respondents:** Jas Infrastructure…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2018-01-01 — CP(IB) No.1290/KB/2018…**: Application filed under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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