# In the matter of Jotesriram Himghar Private Limited IA (IB) No. 886-KB-2021 in CP (IB) No. 155-KB-2019

> NCLT judgment dated 2021-11-15. Citation: TCN-2021-NCLT-00505. The case pertains to an application filed by the Resolution Professional, Santanu…

- **Court:** NCLT
- **Order date:** 15 Nov 2021
- **Citation:** TCN-2021-NCLT-00505
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jotesriram-himghar-private-limited-ia-ib-no-886-kb-2021-in-cp-ib-no-155-kb-2019-27753843

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Santanu Bhattacharjee, with the approval of the Committee of Creditors (CoC), seeking liquidation of the Corporate Debtor, Jotesriram Himghar Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Punjab National Bank (Erstwhile United Bank of India) under section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP period expired, and no resolution plan was received by the CoC, leading to the application for liquidation.

## Facts

Punjab National Bank (Erstwhile United Bank of India) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Jotesriram Himghar Private Limited. Mr. Shyamal Kumar Bhattacharjee was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Santanu Bhattacharjee. A public announcement was made on 2020-03-18 in Financial Express and Aajkal newspapers, with 2020-03-26 as the last date for submitting claims. The Committee of Creditors (CoC) was constituted with one financial creditor. The first CoC meeting was held on 2020-06-24. The publication for invitation of EoIs in Form G was done on 2020-12-11, and a revised Form G was

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for liquidation of the Corporate …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, mandates the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the fact that the CIRP period had expired and no

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**Interpretation:** Section 33(1) is interpreted to mean that if the CIRP fails to produce a

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**Application:** In this case, the CIRP period expired, and no resolution plan was received. The

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Jotesriram…

## Timeline

- **2020-03-13 — Initiation…**: The Adjudicating Authority directed initiation of the Corporate Insolvency Resolution…
- **2020-03-18 — Public Annou…**: Public announcement was made in Financial Express and Aajkal newspapers, fixing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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