# In the matter of Jangipur Bitumen Private Limited

> NCLT judgment dated 2023-06-08. Citation: TCN-2023-NCLT-03041. The case involves an application (IA(IBC)/1615(KB)2022) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 8 Jun 2023
- **Citation:** TCN-2023-NCLT-03041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jangipur-bitumen-private-limited-1a4e58f5

## Summary

### Background

The case involves an application (IA(IBC)/1615(KB)2022) filed by the Interim Resolution Professional (IRP) of Jangipur Bitumen Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. CIRP was initiated against the Corporate Debtor on 04/02/2020. The IRP, Ms. Savita Agarwal, was appointed. Public announcements were made inviting claims from creditors. The IRP faced difficulties in obtaining information and cooperation from the suspended Board of Directors. An application for early dissolution was dismissed as premature. The Committee of Creditors (CoC) was formed, comprising the petitioning Operational Creditor and the Commissioner, Commercial Taxes, Government of West Bengal. The IRP received limited funds and faced challenges in progressing

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## Facts

Jangipur Bitumen Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) initiated under CP(IB)/910(KB)2018. Ms. Savita Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP faced difficulties in obtaining necessary documents and information from the suspended Board of Directors. The Corporate Debtor's registered office was untraceable, and its directors were either unreachable or unaware of the company's affairs. The Corporate Debtor's bank account was dormant with a minimal balance. The Committee of Creditors (CoC) comprised of the petitioning Operational Creditor and the Commissioner, Commercial Taxes, Government of West Bengal, but they did not take any definitive decisions. The IRP's fees were not fully paid. The CIRP

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Jangipur Bitumen Private Limited, should be liquidated due to the …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code mandates the Adjudicating

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**Reasoning:** The court noted that the CIRP period had expired, and no resolution plan was received.

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**Interpretation:** Section 33(1)(a) requires liquidation when no resolution plan is in place after

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**Application:** Since no resolution plan was received within the stipulated CIRP period, and

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Bitumen Corporatio…
- **Respondents:** Jangipur Bitumen…

## Timeline

- **2020-02-04 — Initiation…**: The Adjudicating Authority ordered the initiation of CIRP against the Corporate Debtor,…
- **2020-02-24 — Communication…**: The Registry, NCLT communicated the order to…

## 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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