# In the matter of Jassum Propocon Projects Private Limited IA-3920 & 5047-2020 in (IB)-1756(PB)-2018

> NCLT judgment dated 2021-02-03. Citation: TCN-2021-NCLT-03144. The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 3 Feb 2021
- **Citation:** TCN-2021-NCLT-03144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jassum-propocon-projects-private-limited-ia-3920-5047-2020-in-ib-1756pb-2018-9c606907

## Summary

### Background

The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, by the Resolution Professional (RP) seeking a liquidation order for Jassum Propcon Projects Private Limited. The application is based on a resolution passed by the Committee of Creditors (CoC) in its 9th meeting held on 31.10.2020. The Corporate Insolvency Resolution Process (CIRP) was initiated, and the Applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the RP. During the CIRP, nine meetings were held, and Form-G was published to invite Expressions of Interest (EoIs) from Prospective Resolution Applicants (PRAs). Six persons submitted their EoIs, and two submitted Resolution Plans with Earnest Money Deposit (EMD).

## Facts

Jagat Pal Paliwal & Anr. is the Financial Creditor. Jassum Propcon Projects Private Limited is the Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and Sapan Mohan Garg was appointed as the Resolution Professional (RP). The RP filed an application under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a liquidation order. The Committee of Creditors (CoC) held its 9th meeting on 31.10.2020 and passed a resolution for liquidation with 85.49% voting share. The RP had also filed IA/3920/2020 seeking exclusion of 184 days from the CIRP period. The CoC determined that extending the CIRP period would not be beneficial. The Tribunal admitted the case on 31.10.2019. The RP published Form-G, inviting

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, …

**Ratio:** The legal principle applied is that the Adjudicating Authority (Tribunal) can order

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**Reasoning:** The Tribunal reasoned that the CoC, with a significant majority (85.49%), had passed a

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**Interpretation:** Section 33 of the IBC allows the Adjudicating Authority to order liquidation if

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**Application:** In this case, the CoC had resolved to liquidate Jassum Propcon Projects Private

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Appellants:** Jagat Pal P…
- **Respondents:** Jassum Propcon…
- **Advocates:** Varsha Ba…

## Timeline

- **2018-01-01 — Case Fil…**: The case (IB)/1756(PB)/2…
- **2019-10-31 — Case Adm…**: The Tribunal admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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