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

> NCLT judgment dated 2017-12-12. Citation: TCN-2017-NCLT-00066. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 12 Dec 2017
- **Citation:** TCN-2017-NCLT-00066
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jenson-nicholson-india-ltd-cp-ib-no-364-kb-2017-1851cdb2

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Vivid Colours Pvt. Ltd., the financial creditor, against Jenson & Nicholson (India) Ltd., the corporate debtor, for initiating the corporate insolvency resolution process. The application was admitted on 7/8/2017. Mr. Vinay Talwar was appointed as the Resolution Professional (RP). The Committee of Creditors (COC) was convened, and four progress reports were submitted. The period for submission of a resolution plan expired on 2/2/2018. The COC, in a meeting held on 8/1/2018, unanimously decided to propose the liquidation of the corporate debtor due to a lack of serious interest from promoters.

## Facts

Vivid Colours Pvt. Ltd. initiated corporate insolvency resolution process against Jenson & Nicholson (India) Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2017-08-07. Vinay Talwar was appointed as the Resolution Professional. The Committee of Creditors (COC) was formed, and several progress reports were submitted. The deadline for submitting a resolution plan passed on 2018-02-02. Due to a lack of interest from potential promoters, the COC decided on 2018-08-01 to liquidate Jenson & Nicholson (India) Ltd. The Resolution Professional submitted a report recommending liquidation under Section 33(2) of the IBC. The Adjudicating Authority found no alternative but to order liquidation as no resolution plan was

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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 and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The court reasoned that since the statutory period for submitting a resolution plan had

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if a resolution plan cannot

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

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## Parties

- **Judges:** Jinan…
- **Appellants:** Vivid Colours…
- **Respondents:** Jenson & Nicholson…

## Timeline

- **2017-08-07 — Application A…**: Application under…
- **2018-02-02 — Resolution Plan…**: Statutory limit of 180 days for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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