# In the matter of JNC Constructions Private Limited I.A. 1166 (PB)-2019, I.A. 1802 & 2201 (PB)-2020 in Company Petition No. (IB)-272 (PB)-2019

> NCLT judgment dated 2020-08-04. Citation: TCN-2020-NCLT-00901. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s.…

- **Court:** NCLT
- **Order date:** 4 Aug 2020
- **Citation:** TCN-2020-NCLT-00901
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jnc-constructions-private-limited-ia-1166-pb-2019-ia-1802-2201-pb-2020-in-compan-4bd4dee7

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. JNC Constructions Private Limited. Mr. Ranjeet Ramakrishna Yadav, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, leading to the admission of Company Petition No. (IB)-272 (PB)/2019 on 30.05.2019 and the imposition of a moratorium under Section 14 of the Code. Mr. Ajay Kumar Jain was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 02.06.2019, inviting claims from creditors. The IRP constituted a Committee of Creditors (CoC), including representation for 'Home Buyer' class of financial creditors. An application was filed by the IRP for exclusion of 62 days from the CIRP

…

## Facts

Mr. Ranjeet Ramakrishna Yadav, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. JNC Constructions Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Company Petition No. (IB)-272 (PB)/2019 was admitted on 30.05.2019, imposing a moratorium. Mr. Ajay Kumar Jain was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 02.06.2019, inviting claims from creditors. The IRP formed a Committee of Creditors (CoC), including representation for 'Home Buyer' class. The IRP filed an application for exclusion of 62 days from the CIRP period, later modified to 38 days by the Adjudicating Authority (AA) on 16.09.2019. Mr. Prabhjit Singh Soni was

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Gautam Builders in consortium with Rapid Contracts …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan to be

…

**Reasoning:** The Adjudicating Authority (AA) examined the resolution plan to ensure compliance with

…

**Interpretation:** Section 30(2) is interpreted as setting minimum standards for a resolution plan

…

**Application:** The AA found that the resolution plan complied with Section 30(2), as it

…

## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** RANJEET RAMAKRISHN…
- **Respondents:** M/s. JNC CONSTRUCT…

## Timeline

- **2019-05-30 — Admission of Company…**: Company Petition No. (IB)-272 (PB)/2019…
- **2019-06-02 — Public Annou…**: Public announcement was made,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/jnc-constructions-private-limited-ia-1166-pb-2019-ia-1802-2201-pb-2020-in-compan-4bd4dee7