# In the matter of JBF Petrochemicals Ltd.

> NCLT judgment dated 2023-10-06. Citation: TCN-2023-NCLT-01382. The case involves an application (IA/1003(AHM)2023) filed by Supertech Engineers, an…

- **Court:** NCLT
- **Order date:** 6 Oct 2023
- **Citation:** TCN-2023-NCLT-01382
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jbf-petrochemicals-ltd-6a6d2d63

## Summary

### Background

The case involves an application (IA/1003(AHM)2023) filed by Supertech Engineers, an operational creditor, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking direction upon the resolution professional of JBF Petrochemicals LTD (Corporate Debtor) to handover assets claimed by Supertech Engineers. The Corporate Insolvency Resolution Process (CIRP) of JBF Petrochemicals LTD was initiated on 28.01.2022, and Mr. Sundaresh Bhat was appointed as the Interim Resolution Professional. Supertech Engineers filed a claim with the RP for Rs. 20.79 Crores, asserting a security interest/lien over certain assets. The resolution plan submitted by GAIL (India) Limited was approved by the Committee of Creditors (CoC) and the Tribunal. Supertech Engineers

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## Facts

Supertech Engineers (Applicant) filed an application under Section 60(5) of the IBC seeking the handover of assets from JBF Petrochemicals LTD (Corporate Debtor). The CIRP of JBF Petrochemicals was initiated on 28.01.2022, and Sundaresh Bhat was appointed as the Interim Resolution Professional. Supertech Engineers filed a claim for Rs. 20.79 Crores, asserting a security interest/lien over certain assets. Prior to CIRP, Supertech Engineers supplied goods to JBF Petrochemicals at its Mangalore site. The Resolution Plan submitted by GAIL (India) Limited was approved by the CoC and the Tribunal on 13.03.2023. Supertech Engineers claims that their assets were present at the Mangalore site when the resolution plan was passed. The applicant provided assorted goods to the

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## Issues and analysis

### Issue 1: Whether the assets claimed by Supertech Engineers are part of the Corporate Debtor's assets under …

**Ratio:** Section 18 of the IBC excludes assets owned by a third party in possession of the

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**Reasoning:** The Tribunal considered the provisions of Section 18 of the IBC and the explanation

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**Interpretation:** The interpretation of Section 18 is that assets genuinely owned by a third

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**Application:** The Tribunal found that the application did not provide sufficient evidence to

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** SUPERTECH…
- **Respondents:** JBF Petrochemicals…

## Timeline

- **2022-01-28 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2022-01-28 — Appointment…**: Mr. Sundaresh Bhat appointed as the Interim Resolution Professional of the Corporate…

## 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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