# In the matter of Jeph Bev Pvt. Ltd.

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00059. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00059
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jeph-bev-pvt-ltd-9fd49fc6

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the initiation of the liquidation process for the Corporate Debtor, M/s Jeph Bev Pvt. Ltd. The Adjudicating Authority had admitted an application filed by P.S. Metal Works (Financial Creditor) under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP). Subsequently, the Applicant, Anoop Bhatia, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). In the 4th meeting of the Committee of Creditors (CoC), the sole member, P.S. Metal Works, voted for the liquidation of the Corporate Debtor due to reasons such as non-receipt of sufficient EOIs,

…

## Facts

P.S. Metal Works initiated Corporate Insolvency Resolution Process (CIRP) against M/s Jeph Bev Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Anoop Bhatia was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The 4th meeting of the Committee of Creditors (CoC) was held on 14.03.2023 and 15.03.2023, where the sole member, P.S. Metal Works, voted for the liquidation of the Corporate Debtor. The reasons for the decision included non-receipt of sufficient and appropriate Expressions of Interest (EOI), non-cooperation by the suspended directors, and the desire to avoid further delays in the CIRP. The Corporate Debtor was partly conducting its business operations from UNA, Himachal

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

**Ratio:** Section 33 of the IBC, 2016 outlines the conditions under which the Adjudicating

…

**Reasoning:** The Adjudicating Authority considered the provisions of Section 33 of the IBC, the

…

**Interpretation:** Section 33 of the IBC provides a framework for the liquidation of a corporate

…

**Application:** The Adjudicating Authority, being satisfied with the conditions provided under

…

## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Anoop B…
- **Respondents:** M/S JEPH BEV PVT.…; P.S. Metal…

## Timeline

- **2022-09-16 — Application A…**: Application under Section 7…
- **2023-03-14 — 4th CoC M…**: 4th meeting of the CoC dated 14.03.2023 and 15.03.2023, the CoC approved the resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jeph-bev-pvt-ltd-9fd49fc6