# In the matter of JHV Distilleries and Sugar Mills Limited C.P. (IB) No. 221-KB-2018

> NCLT judgment dated 2019-02-12. Citation: TCN-2019-NCLT-04885. The case pertains to C.P.(IB) No. 221/KB/2018 filed by Mr. Rakesh Pandey, a Financial Creditor,…

- **Court:** NCLT
- **Order date:** 12 Feb 2019
- **Citation:** TCN-2019-NCLT-04885
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jhv-distilleries-and-sugar-mills-limited-cp-ib-no-221-kb-2018-6a271ffc

## Summary

### Background

The case pertains to C.P.(IB) No. 221/KB/2018 filed by Mr. Rakesh Pandey, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. JHV Distilleries & Sugar Mills Limited, the Corporate Debtor. The application was admitted on 2018-05-08, and Mr. Alok Kumar Kuchhal was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) replaced Mr. Kuchhal with Mr. Shravan Kumar Vishnoi as the Resolution Professional (RP). However, Mr. Vishnoi was unable to find a Resolution Applicant to take over the Corporate Debtor's stressed assets.

## Facts

Mr. Rakesh Pandey, a Financial Creditor, filed C.P.(IB) No. 221/KB/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. JHV Distilleries & Sugar Mills Limited. The application was admitted on 2018-05-08. Mr. Alok Kumar Kuchhal was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Shravan Kumar Vishnoi by the Committee of Creditors (CoC). Mr. Vishnoi, as the Resolution Professional (RP), faced significant obstacles in finding a Resolution Applicant. The Directors of the Corporate Debtor and the Financial Creditors (members of the CoC) did not cooperate with the RP, failing to provide necessary documents. The District Magistrate of Kushinagar, Uttar Pradesh, had taken possession

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) could be successfully completed given …

**Ratio:** The successful completion of CIRP relies on the cooperation of all stakeholders,

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**Reasoning:** The court observed that the Financial Creditors, who were members of the CoC, and the

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**Interpretation:** The interpretation is that the IBC emphasizes a collaborative approach for

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**Application:** In this case, the lack of cooperation made it impossible for the RP to fulfill

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## Parties

- **Judges:** Jinan…
- **Appellants:** Rakesh P…
- **Respondents:** JHV DISTILLERIES…

## Timeline

- **2018-05-08 — Application A…**: The application under Section 7 of IBC was admitted, and Mr. Alok Kumar Kuchhal was…
- **2018-10-12 — Documents Han…**: Resolution Professional received documents from the erstwhile Interim Resolution…

## 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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