# In the matter of JBF Petrochemicals Ltd. Inv. P 73-2018 in CP (IB) No. 232-7-NCLT-AHM-2018

> NCLT judgment dated 2018-11-19. Citation: TCN-2018-NCLT-00302. KKR Jupiter Investors Pte. Ltd. filed an intervention application (Inv. P 73 of 2018) in a…

- **Court:** NCLT
- **Order date:** 19 Nov 2018
- **Citation:** TCN-2018-NCLT-00302
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jbf-petrochemicals-ltd-inv-p-73-2018-in-cp-ib-no-232-7-nclt-ahm-2018-a1a92dda

## Summary

### Background

KKR Jupiter Investors Pte. Ltd. filed an intervention application (Inv. P 73 of 2018) in a corporate insolvency resolution process (CIRP) initiated against JBF Petrochemicals Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). KKR, as an investor in JBF Global (the holding company of JBF Petrochemicals), sought to intervene to propose a restructuring plan. The financial creditor initiated the CIRP, and KKR aimed to prevent the CIRP by offering a refinancing solution. The intervention application was filed under Section 60(5) of the IBC, read with Rule 11 of the NCLT Rules, 2016.

## Facts

KKR Jupiter Investors Pte. Ltd. (KKR) is an investor in JBF Global Pte. Ltd., which is the holding company of JBF Petrochemicals Ltd. IDBI Bank Limited, the financial creditor, initiated a corporate insolvency resolution process (CIRP) against JBF Petrochemicals Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). KKR filed an intervention application seeking to participate in the CIRP and propose a restructuring plan. KKR had proposed to refinance the debt of JBF Petrochemicals, offering to pay USD 464 million to the financial creditor. KKR's proposal included a binding commitment letter with a deadline of September 30, 2018, which had passed. The financial creditor opposed KKR's intervention, arguing that it was not permissible under Section 60(5) of the

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## Issues and analysis

### Issue 1: Whether the intervention application filed by KKR Jupiter Investors Pte. Ltd. is maintainable under …

**Ratio:** Section 60(5) of the IBC provides jurisdiction to the NCLT to entertain applications or

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**Reasoning:** The court reasoned that Section 60(5) explicitly limits the scope of applications to

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**Interpretation:** Section 60(5) is interpreted narrowly to only allow applications directly

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**Application:** Since KKR's application was against the financial creditor, it was deemed not

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** KKr Jupiter…
- **Respondents:** JBF Petrochemicals…; IDBI Bank L…

## Timeline

- **2018-04-01 — Applicant learned of…**: KKR Jupiter Investors Pte. Ltd. learned that the financial creditor had filed a company…
- **2018-05-01 — Applicant addressed…**: KKR addressed a letter to the financial creditor with a proposal for restructuring the…

## 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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