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

> NCLT judgment dated 2018-10-08. Citation: TCN-2018-NCLT-00636. Light Speed Trade & Consultancy Private Limited, an operational creditor, filed an application…

- **Court:** NCLT
- **Order date:** 8 Oct 2018
- **Citation:** TCN-2018-NCLT-00636
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jinprabhu-infrastructure-developments-limited-cpib-no-375-kb-2018-442979bd

## 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. However, JVS Construction Company Private Limited withdrew its resolution plan due to subsequent events. The Committee of

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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, and Ms. Sonu Jain was appointed as the IRP. The IRP received two resolution plans, one from JVS Construction Company Private Limited and another from Spartan Global Solution Limited. JVS Construction Company Private Limited withdrew its resolution plan. The Committee of Creditors (CoC) unanimously decided to liquidate the corporate debtor because both resolution applicants showed no interest in the assets of the corporate debtor. The corporate debtor's main business in trading shares was suspended by the Calcutta Stock Exchange in June 1997. The corporate debtor had not availed

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated …

**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 no resolution plan was available to take over the assets of

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**Interpretation:** Section 33 provides a framework for liquidation when resolution efforts fail.

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**Application:** In this case, the withdrawal of the resolution plan by JVS Construction Company

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## Parties

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

## Timeline

- **2018-04-06 — Application A…**: The application for…
- **2018-08-01 — Progress Repo…**: Progress report filed by…

## 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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