# In the matter of Jhelum Industries Pvt. Ltd. CP(IB)- 1235-I&BP-2017

> NCLT judgment dated 2018-03-20. Citation: TCN-2018-NCLT-01676. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 20 Mar 2018
- **Citation:** TCN-2018-NCLT-01676
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jhelum-industries-pvt-ltd-cpib-1235-ibp-2017-a7cf046a

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of Jhelum Industries Pvt. Ltd., the Corporate Debtor. The Corporate Debtor was initially put under the Corporate Insolvency Resolution Process (CIRP) following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). Pranav Damania was appointed as the Interim Resolution Professional (IRP). Public announcement was made, inviting creditors to submit their claims. The IRP was later confirmed as the Resolution Professional by the Committee of Creditors (CoC).

## Facts

Jhelum Industries Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC). Pranav Damania was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. A public announcement was made, inviting creditors to submit their claims. The Committee of Creditors (CoC) held a meeting on December 29, 2017, to discuss the possibility of a revival plan for the Corporate Debtor. After considering various aspects, the CoC concluded that there was no scope for revival and decided to liquidate the Corporate Debtor under Section 33(2) of the IBC. The Resolution Professional then filed an application seeking liquidation of the Corporate Debtor. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional seeking liquidation of the Corporate …

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

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**Reasoning:** The court considered the CoC's decision to liquidate the Corporate Debtor after

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**Interpretation:** Section 33(2) provides a mechanism for the CoC to decide on the liquidation of

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**Application:** The CoC, having determined that there was no scope for revival of the Corporate

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** Pranav Da…
- **Respondents:** Jhelum Industries…

## Timeline

- **2017-08-17 — Order by Adjudicating…**: The Adjudicating Authority passed an order appointing Mr. Pranav Damania as Interim…
- **2017-09-06 — Public Annou…**: The IRP issued a public advertisement in Form A, as required under Section 15 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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