# In the matter of JPM Export Private Limited IA (IB) No. 937-KB-2021 in CP (IB) No. 2149-KB-2019

> NCLT judgment dated 2021-12-21. Citation: TCN-2021-NCLT-00125. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLT-00125
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jpm-export-private-limited-ia-ib-no-937-kb-2021-in-cp-ib-no-2149-kb-2019-a96be2b2

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, JPM Export Private Limited, due to the Committee of Creditors' (CoC) decision that no resolution plan was approved. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Hempragati Vyapaar Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Avishek Gupta was appointed as the Interim Resolution Professional (IRP) and later as the RP.

## Facts

Hempragati Vyapaar Private Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against JPM Export Private Limited. Avishek Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, and a Committee of Creditors (CoC) was constituted. The RP invited Expression of Interests (EoIs) for resolution plans, receiving four EoIs but only one resolution plan from Klick2Buy Ventures Private Limited. The CoC found the resolution plan unsatisfactory, even after a revision, as it did not address the release of personal and

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, JPM Export Private Limited, should …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) mandates the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) rejected the resolution plan submitted by the Resolution

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**Interpretation:** Section 33(2) of the IBC provides a clear directive for the Adjudicating

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**Application:** In this case, the CoC, with a voting share of 97.38%, decided to liquidate the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Hempragati…
- **Respondents:** JPM Export…

## Timeline

- **2021-01-27 — Order for CIRP…**: The Adjudicating Authority directed initiation of the Corporate Insolvency Resolution…
- **2021-01-30 — Public Annou…**: Public announcement was made in Financial Express (English) and Aaj Kaal (Bengali)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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