# In the matter of Jinprabha Infrastructure Developments Ltd. CP (IB) No. 375-KB-2018

> NCLT judgment dated 2018-10-08. Citation: TCN-2018-NCLT-00635. Light Speed Trade & Consultancy Private Limited, an operational creditor, filed an application…

- **Court:** NCLT
- **Order date:** 8 Oct 2018
- **Citation:** TCN-2018-NCLT-00635
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jinprabha-infrastructure-developments-ltd-cp-ib-no-375-kb-2018-43ac8be4

## Summary

### Background

Light Speed Trade & Consultancy Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Jinprabhu Infrastructure Developments Limited, the corporate debtor. The application was admitted on April 6, 2018, and Ms. Sonu Jain was appointed as the Insolvency Resolution Professional (IRP). The IRP initiated the CIRP, issued a public announcement, and called for expressions of interest. Two resolution plans were received from M/s. JVS Construction Company Private Limited and M/s. Spartan Global Solution Limited. The Committee of Creditors (CoC) initially accepted the resolution plan of JVS Construction Company Private Limited. However,

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## Facts

Light Speed Trade & Consultancy Private Limited, an operational creditor, initiated CIRP against Jinprabhu Infrastructure Developments Limited. The application was admitted on April 6, 2018. Ms. Sonu Jain was appointed as the IRP. Two resolution plans were submitted by M/s. JVS Construction Company Private Limited and M/s. Spartan Global Solution Limited. The CoC initially approved the plan of JVS Construction Company Private Limited. JVS Construction Company Private Limited withdrew its resolution plan. The CoC decided to liquidate the corporate debtor. The corporate debtor had ceased trading in shares due to suspension by the Calcutta Stock Exchange in June 1997. The corporate debtor had not availed any loans from financial institutions. The Resolution

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The application was admitted on April 6, 2018, indicating that the Adjudicating Authority

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**Interpretation:** Section 9 provides the mechanism for operational creditors to trigger the

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**Application:** The initial admission of the application suggests that the operational creditor

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## Parties

- **Judges:** Jinan…
- **Appellants:** Light Speed Trade…
- **Respondents:** Jinprabhu…

## Timeline

- **2018-04-06 — Application A…**: The application under Section…
- **2018-08-01 — Progress Repo…**: Progress report filed with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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