# In the matter of Jaydev Construction Private  Limited MA-1198 & 1435-2019 in CP-1461-IB-2018

> NCLT judgment dated 2020-01-08. Citation: TCN-2020-NCLT-02443. The case involves applications filed under sections 60(5)(c) and 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Jan 2020
- **Citation:** TCN-2020-NCLT-02443
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaydev-construction-private-limited-ma-1198-1435-2019-in-cp-1461-ib-2018-a52d52d9

## Summary

### Background

The case involves applications filed under sections 60(5)(c) and 33(2) of the Insolvency and Bankruptcy Code, 2016, pertaining to Jaydev Constructions Private Limited. The Resolution Professional sought an order for the liquidation and early dissolution of the Corporate Debtor based on a resolution passed in the 3rd CoC meeting held on 16.12.2019 with 100% voting share.

## Facts

Jaydev Constructions Private Limited faced insolvency proceedings under the IBC, 2016. An application was filed for liquidation and early dissolution of the company. The Corporate Debtor had no assets. The sole Financial Creditor, Oriental Bank of Commerce, passed a resolution for liquidation. The Committee of Creditors (CoC) recommended liquidation and early dissolution. The Resolution Professional, K. Muruganandam, sought an order for liquidation. The CoC recommended a consolidated fee of ₹3,90,000/- to be paid to the RP-cum-Liquidator. The 3rd CoC meeting was held on 16.12.2019 with 100% voting share.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Jaydev Constructions Private Limited, should be liquidated based on …

**Ratio:** Section 33(2) of the Insolvency & Bankruptcy Code, 2016 allows for the liquidation of

…

**Reasoning:** The court considered the CoC's recommendation for liquidation, the absence of tangible

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**Interpretation:** The court interpreted Section 33(2) to mean that if the CoC, in its commercial

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**Application:** Given the CoC's recommendation and the absence of assets, the court directed

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** K. Muruga…
- **Respondents:** Jaydev Constructio…; Oriental Bank of…

## Timeline

- **2018-01-01 — CP/1461/IB/201…**: Filing of CP/1461/IB/201…
- **2019-12-16 — 3rd CoC M…**: 3rd Committee of Creditors (CoC) meeting held with 100% voting share, where a resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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