# In the matter of Jaydev Constructions Private Limited IA-96(CHE)-2021 in CP-1461-(IB)-2018

> NCLT judgment dated 2021-06-10. Citation: TCN-2021-NCLT-01986. The case involves an application filed by the Liquidator of M/s. Jaydev Constructions Private…

- **Court:** NCLT
- **Order date:** 10 Jun 2021
- **Citation:** TCN-2021-NCLT-01986
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaydev-constructions-private-limited-ia-96che-2021-in-cp-1461-ib-2018-3191d7a0

## Summary

### Background

The case involves an application filed by the Liquidator of M/s. Jaydev Constructions Private Limited seeking an extension of the liquidation period. The liquidation process commenced following an order by the Tribunal on 08.01.2020. The Liquidator was appointed and made a public announcement on 16.01.2020. The Liquidator submitted a Preliminary Report, List of Stakeholders, and Assets Memorandum on 21.03.2020. The erstwhile directors of the corporate debtor did not cooperate in the CIRP and failed to hand over relevant financial documents, leading the Liquidator to file another application (MA/1133/2019). The Adjudicating Authority directed the directors to hand over the books of accounts and financial documents by its order dated 18.12.2020.

## Facts

M/s. Jaydev Constructions Private Limited is undergoing liquidation. The liquidation process commenced following a Tribunal order on 08.01.2020. Mr. K. Muruganandan was appointed as the Liquidator and made a public announcement on 16.01.2020. The Liquidator submitted necessary reports on 21.03.2020. The erstwhile directors of the corporate debtor did not cooperate in the CIRP and failed to provide financial documents, leading to an application (MA/1133/2019) and a subsequent order on 18.12.2020 directing them to hand over the documents. The Liquidator sought an extension of the liquidation period, which was to end on 07.01.2021, for another year, excluding the lockdown period, citing the complexity in verifying the accounts. The IBBI introduced Regulation 47A to

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## Issues and analysis

### Issue 1: Whether the extension of the liquidation period for M/s. Jaydev Constructions Private Limited is …

**Ratio:** The ratio is that extensions of liquidation timelines can be granted when there are

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**Reasoning:** The court reasoned that the complexity in verifying the accounts and the non-cooperation

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** K. Muruganandan,…
- **Respondents:** M/s. Jaydev…

## Timeline

- **2020-01-08 — Liquidation Process…**: The liquidation process of the Corporate…
- **2020-01-16 — Public Annou…**: The Liquidator made a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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