# In the matter of Jensen & Nicholson (India) Ltd. CP (IB) No. 364-KB-2017

> NCLT judgment dated 2018-02-12. Citation: TCN-2018-NCLT-01844. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 12 Feb 2018
- **Citation:** TCN-2018-NCLT-01844
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jensen-nicholson-india-ltd-cp-ib-no-364-kb-2017-7cc40bea

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, by Vivid Colours Pvt. Ltd., the applicant/financial creditor, to initiate corporate insolvency resolution process against Jenson & Nicholson (India) Ltd., the respondent/corporate debtor. The application was admitted on 7/8/2017. Mr. Vinay Talwar was appointed as the Resolution Professional (RP).

## Facts

Vivid Colours Pvt. Ltd., as the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against Jenson & Nicholson (India) Ltd., the corporate debtor. The application was initially admitted on 2017-08-07. Mr. Vinay Talwar was appointed as the Resolution Professional (RP). The RP convened a Committee of Creditors (COC) and submitted progress reports. The statutory period of 180 days for submitting a resolution plan expired on 2018-02-02. The COC, in a meeting held on 2018-08-01, unanimously decided to propose the liquidation of the corporate debtor due to a lack of interest from potential promoters. The RP submitted a report recommending liquidation under Section

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Jenson & Nicholson (India) Ltd., should be liquidated due to the …

**Ratio:** Section 33 of the Insolvency & Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority reasoned that the statutory period of 180 days for submitting

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails. The

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**Application:** In this case, the statutory period expired, no resolution plan was submitted,

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## Parties

- **Judges:** Jinan…
- **Appellants:** Vivid Colours…
- **Respondents:** Jenson & Nicholson…
- **Advocates:** Manju Bhu…; Shaunak…; +5 more

## Timeline

- **2017-08-07 — Application A…**: The application under Section 7 of the…
- **2018-02-02 — Resolution Plan…**: The statutory limit of 180 days for…

## 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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