# 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-00119. Hempragati Vyapaar Private Limited, the Financial Creditor, filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLT-00119
- **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-f378271f

## Summary

### Background

Hempragati Vyapaar Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JPM Export Private Limited, the Corporate Debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on 27.01.2021 and appointed Mr. Avishek Gupta as the Interim Resolution Professional (IRP), who was later appointed as the Resolution Professional (RP). Public announcement was made on 30.01.2021, fixing 10.02.2021 as the last date for submitting claims. The IRP received claims, verified them, and constituted the Committee of Creditors (CoC).

## Facts

Hempragati Vyapaar Private Limited initiated CIRP against JPM Export Private Limited under Section 7 of the IBC. Avishek Gupta was appointed as IRP and later RP. Public announcement was made, and claims were invited. The CoC was constituted. Four EoIs were received, but only Klick2Buy Ventures Private Limited submitted a resolution plan. The CoC found the plan unsatisfactory. A revised plan was also deemed unsatisfactory. The CoC, with 97.38% voting share, decided to liquidate the Corporate Debtor. The RP filed an application for liquidation under Section 33 of the IBC. Avishek Gupta was elected as liquidator.

## 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) enjoins the Adjudicating

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**Reasoning:** The CoC, with a voting share of 97.38%, resolved to liquidate the Corporate Debtor. The

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**Interpretation:** Section 33(2) of the IBC mandates the Adjudicating Authority to order

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

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## Parties

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

## Timeline

- **2021-01-27 — Initiation…**: The Adjudicating Authority directed initiation of the Corporate Insolvency Resolution…
- **2021-01-30 — Public Annou…**: Public announcement was made in…

## 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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