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

> NCLT judgment dated 2018-10-08. Citation: TCN-2018-NCLT-00639. Light Speed Trade & Consultancy Private Limited, an operational creditor, filed an application…

- **Court:** NCLT
- **Order date:** 8 Oct 2018
- **Citation:** TCN-2018-NCLT-00639
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jinprabhu-infrastructure-developments-limited-cpib-no-375-kb-2018-4ec3d5f7

## 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 filed under Section 9 of the IBC, 2016. The application was admitted on April 6, 2018. Ms. Sonu Jain was appointed as the IRP. Two resolution plans were received, one from JVS Construction Company Private Limited and another from Spartan Global Solution Limited. JVS Construction Company Private Limited withdrew its resolution plan due to subsequent events with the Board of Directors of the Company. The Committee of Creditors unanimously decided to liquidate the Corporate Debtor. The Corporate Debtor's trading in shares was suspended by the Calcutta Stock Exchange in June 1997. The Corporate Debtor had

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## Issues and analysis

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

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

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**Reasoning:** The Adjudicating Authority admitted the application after being satisfied that a default

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The application was filed by an operational creditor, Light Speed Trade &

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## Parties

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

## Timeline

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

## 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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