# In the matter of Jai Annanya Investment Pvt. Ltd.

> NCLT judgment dated 2023-10-09. Citation: TCN-2023-NCLT-01328. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 9 Oct 2023
- **Citation:** TCN-2023-NCLT-01328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jai-annanya-investment-pvt-ltd-32adade9

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The matter pertains to Adventz Finance Private Limited versus Jai Annanya Investments Private Limited. An IA has been filed to record written consent dated 26.07.2023 by the Resolution Professional (RP) to act as a liquidator in C.P. (IB)/2119(KB)2019.

## Facts

Adventz Finance Private Limited initiated proceedings against Jai Annanya Investments Private Limited under Section 7 of the IBC. An Interlocutory Application (IA) was filed to record the written consent of the Resolution Professional (RP) to act as a liquidator. The consent was dated 26.07.2023, related to C.P. (IB)/2119(KB)2019. The IBBI circular dated 18.07.2023 mandates that the liquidator must be different from the RP and selected from the IBBI panel. The Adjudicating Authority appointed Mr. Anup Kumar Singh from the IBBI panel as the liquidator. The matter is scheduled for further instructions on 07.11.2023.

## Issues and analysis

### Issue 1: Whether the appointment of the liquidator …

**Ratio:** The IBBI circular dated 18.07.2023 mandates that the liquidator must be a person other

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**Reasoning:** The court considered the IBBI circular's requirement to ensure impartiality and adherence

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**Interpretation:** The IBBI circular is interpreted to mean that the liquidator must be

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**Application:** The court applied the IBBI circular by appointing Mr. Anup Kumar Singh, who is

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Adventz Finance…
- **Respondents:** Jai Annanya…

## Timeline

- **2019-01-01 — C.P. (IB)/2119…**: Related Corporate…
- **2023-07-18 — IBBI Circul…**: IBBI circular mandates liquidator to be…

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