# In the matter of C & C Construction Limited IA (I.B.C)-2164 & 2235 (PB)-2021 in CP (IB) -1367 (PB)-2018

> NCLT judgment dated 2022-10-07. Citation: TCN-2022-NCLT-00829. The case involves an application for liquidation of the Corporate Debtor, M/s C&C Constructions…

- **Court:** NCLT
- **Order date:** 7 Oct 2022
- **Citation:** TCN-2022-NCLT-00829
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/c-c-construction-limited-ia-ibc-2164-2235-pb-2021-in-cp-ib-1367-pb-2018-cf66b7e5

## Summary

### Background

The case involves an application for liquidation of the Corporate Debtor, M/s C&C Constructions Limited, due to the expiry of the CIRP period and rejection of the resolution plan. ICICI Bank initiated the CIRP under Section 7 of the IBC. The ex-promoter, Gurjeet Singh Johar, filed an application under Section 60(5) of the IBC seeking directions to the COC for consideration of a settlement proposal under Section 12A. The NCLT granted extensions for CIRP to allow for settlement discussions, but ultimately the COC resolved to liquidate the Corporate Debtor.

## Facts

M/s C&C Constructions Limited was incorporated to undertake construction contracts. ICICI Bank filed an application under Section 7 of the IBC for initiation of CIRP against the Corporate Debtor, which was admitted on 2019-02-14. The RP made a public announcement on 2019-02-17. Various claims were received from financial and operational creditors. An appeal was filed against the admission of CIRP by Gurjeet Singh Johar, the ex-promoter. The NCLAT gave an opportunity to settle the claims and stayed the constitution of the COC, which was later vacated. The COC resolved to appoint the IRP as RP. The RP could not release the publication of the invitation for expression of interest due to settlement discussions. The initial CIRP period ended on 2019-08-14. A civil

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## Issues and analysis

### Issue 1: Whether the application by Gurjeet Singh Johar seeking consideration of a settlement proposal …

**Ratio:** The Adjudicating Authority has the power to approve or reject a settlement proposal under

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**Reasoning:** The NCLT noted that despite numerous extensions granted for CIRP to facilitate settlement

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**Interpretation:** Section 12A of the IBC allows for the withdrawal of CIRP upon approval of a

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**Application:** The NCLT rejected Gurjeet Singh Johar's application because the COC had already

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** ICICI Bank…
- **Respondents:** M/s C&C CONSTRUTIO…

## Timeline

- **2018-01-01 — CP (IB)/1367(P…**: Filing of CP (IB)/1367(PB)…
- **2019-02-14 — Admission o…**: Application under Section 7 of the Code admitted by the Tribunal initiating CIRP against…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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