# In the matter of JMD Oils Private Limited C.A. 2120(PB)-2019 in Company Petition No. (IB)-373 (PB)-2018

> NCLT judgment dated 2021-02-03. Citation: TCN-2021-NCLT-03143. The case pertains to an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 3 Feb 2021
- **Citation:** TCN-2021-NCLT-03143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jmd-oils-private-limited-ca-2120pb-2019-in-company-petition-no-ib-373-pb-2018-2f8e003d

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, JMD Oils Private Limited. The Financial Creditor, Indian Overseas Bank, had initially filed a Company Petition under Section 7 of the Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The application was admitted on 11.12.2018. The Committee of Creditors (CoC) was constituted on 07.01.2019, and multiple CoC meetings were held to explore resolution plans. Despite several extensions and opportunities, no viable resolution plan emerged within the CIRP period. Consequently, the CoC resolved to initiate the

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## Facts

Indian Overseas Bank, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against JMD Oils Private Limited, the Corporate Debtor, by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 11.12.2018. The Committee of Creditors (CoC) was formed on 07.01.2019, and several meetings were conducted to explore resolution plans. The CoC invited Expression of Interest (Eol) from Prospective Resolution Applicants (PRAs) and extended the last date for submission multiple times. Four entities submitted Eols, including Jatalia Global Ventures Limited, Prudent ARC Limited, Mr. Gautam Chopra, and a Consortium of PRA. AB Global Trade Pvt. Ltd. (Consortium of PRA) submitted a resolution plan but later

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) failed to produce a viable resolution …

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

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**Reasoning:** The court observed that despite multiple extensions and opportunities provided to

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**Interpretation:** The interpretation of Section 33(2) emphasizes the importance of adhering to

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**Application:** In this case, the CIRP period expired on 07.09.2019, and no viable resolution

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## Parties

- **Judges:** SHRI. B.S.V…; SHRI. HEMANT…
- **Respondents:** JMD Oils Private…

## Timeline

- **2018-12-11 — Admission of Ap…**: The application for initiating CIRP against JMD Oils Private Limited was admitted by the…
- **2019-01-07 — Constitution…**: The Committee of Creditors (CoC) was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32(1) — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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