# In the matter of JSK Marketing Limited IA 2498-MB-C-II-2020 In CP (IB) 1545-MB-C-II-2019

> NCLT judgment dated 2021-12-02. Citation: TCN-2021-NCLT-00296. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against JSK…

- **Court:** NCLT
- **Order date:** 2 Dec 2021
- **Citation:** TCN-2021-NCLT-00296
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jsk-marketing-limited-ia-2498-mb-c-ii-2020-in-cp-ib-1545-mb-c-ii-2019-c5ade270

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against JSK Marketing Limited. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Bombay Sales Agency, the Financial Creditor. Mr. Abhishek Lal was initially appointed as the Interim Resolution Professional (IRP). However, he expressed his inability to continue, and Mrs. Palak S. Desai was appointed as the Resolution Professional (RP). During the CIRP, several CoC meetings were held to discuss the resolution of the Corporate Debtor. Despite these efforts, no resolution plan was received.

## Facts

The Corporate Debtor, JSK Marketing Limited, was admitted into CIRP based on an application under Section 7 of the IBC filed by the Financial Creditor, Bombay Sales Agency. Mr. Abhishek Lal was initially appointed as IRP but later expressed his inability to continue. Mrs. Palak S. Desai was then appointed as RP. Several CoC meetings were conducted, including meetings on 22.10.2019, 17.12.2019, 18.02.2020, and 02.12.2020. In the 2nd CoC meeting, it was resolved to appoint valuers for the Corporate Debtor's assets. The RP apprised the CoC members about the steps taken in relation to the CIRP and various interlocutory applications filed before the Tribunal. However, no resolution plan was received. In the 4th CoC meeting on 02.12.2020, the CoC members, with a 100%

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, JSK Marketing Limited, should be liquidated due to the absence of a …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC) allows for the liquidation

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**Reasoning:** The court reasoned that since no resolution plan was received despite the CIRP process,

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

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**Application:** In this case, the absence of a resolution plan, coupled with the CoC's decision

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Palak S.…
- **Respondents:** JSK Marketing…
- **Advocates:** P.N. Des…; Shyam Babu…; +1 more

## Timeline

- **2019-09-23 — CIRP Init…**: Corporate Debtor placed under…
- **2019-10-22 — First CoC M…**: First CoC meeting held on 22.10.2019, IRP expressed his inability to continue as…

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