# In the matter of Jewel Homes Pvt. Ltd. IBA-27-KOB-2020

> NCLT judgment dated 2022-03-14. Citation: TCN-2022-NCLT-03749. The case involves an application filed under Section 9(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 Mar 2022
- **Citation:** TCN-2022-NCLT-03749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jewel-homes-pvt-ltd-iba-27-kob-2020-73eec747

## Summary

### Background

The case involves an application filed under Section 9(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Johnson Lifts Private Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jewel Homes Private Limited (Corporate Debtor). The Corporate Debtor's business involves the installation, maintenance, servicing, and repair of elevators and escalators. After the initiation of CIRP, a moratorium was declared under Section 14(1) of the IBC, and Shri. K. Easwara Pillai was appointed as Interim Resolution Professional (IRP) under Section 16(1) of the IBC. The Operational Creditor was directed to deposit Rs. 2,00,000/- to meet initial CIRP costs. The Applicant had initiated legal proceedings against the Corporate Debtor

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## Facts

M/s Johnson Lifts Private Limited (Operational Creditor) filed an application under Section 9(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jewel Homes Private Limited (Corporate Debtor). The Corporate Debtor is involved in the business of installation, maintenance, servicing, and repair of elevators and escalators. After CIRP initiation, a moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. The Operational Creditor was directed to deposit Rs. 2,00,000/- for initial CIRP costs. Prior to CIRP, the Applicant had initiated legal proceedings against the Corporate Debtor through Arbitration and obtained an Arbitral Award. On 2021-08-19, a settlement was reached for

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## Issues and analysis

### Issue 1: Whether the withdrawal application filed by the IRP under Section 12A of the Insolvency and …

**Ratio:** The ratio is based on Section 12A of the Insolvency and Bankruptcy Code, 2016, and

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**Reasoning:** The Tribunal reasoned that the withdrawal application should be allowed because a

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**Interpretation:** The interpretation of Section 12A and Regulation 30A(1)(a) is that they provide

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**Application:** In this case, the ratio and reasoning were applied to the specific facts by

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Respondents:** M/s Jewel Homes…

## Timeline

- **2021-08-19 — Settlement Ag…**: A settlement was arrived at for Rs. 23,00,000/- (Rupees Twenty-Three Lakhs only) payable…
- **2022-01-06 — Tribunal Admits…**: The Tribunal admitted the application IBA/27/KOB/2020, for Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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