# In the matter of J.K.S. Construction Private Limited IA-IBC-920-CHE-2022 in CP No. 232-CHE-2021

> NCLT judgment dated 2022-09-08. Citation: TCN-2022-NCLT-01134. The case pertains to an application filed under Section 33(1)(a), 33(2) & 34(1) of the…

- **Court:** NCLT
- **Order date:** 8 Sept 2022
- **Citation:** TCN-2022-NCLT-01134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jks-construction-private-limited-ia-ibc-920-che-2022-in-cp-no-232-che-2021-09cd5fd6

## Summary

### Background

The case pertains to an application filed under Section 33(1)(a), 33(2) & 34(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to liquidate the Corporate Debtor, JKS Construction Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2022-03-11. The applicant was appointed as the Interim Resolution Professional (IRP). The IRP was confirmed as the Resolution Professional (RP) in the first Committee of Creditors (CoC) meeting on 2022-04-08.

## Facts

The Corporate Debtor, JKS Construction Private Limited, was admitted into the Corporate Insolvency Resolution Process (CIRP) following a Tribunal order dated 2022-03-11. The Applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). During the CIRP, the RP published Form G to invite Expressions of Interest (EOI) for resolution plans. Despite multiple publications, no concrete resolution plan was received. The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor in its 4th meeting held on 2022-07-21, as per Section 33(2) of the IBC, 2016. The RP filed Form H and obtained written consent to act as the liquidator. The CoC determined that there were no assets in the Corporate

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## Issues and analysis

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

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor

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**Interpretation:** Section 33(2) of the IBC, 2016, provides a mechanism for the liquidation of a

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**Application:** In this case, the CoC unanimously decided to liquidate the Corporate Debtor due

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## Parties

- **Judges:** BACHU VENKAT…; SAMEER…
- **Appellants:** Raghu Babu…
- **Respondents:** JKS CONSTRUCTION…; JKS Constructions…

## Timeline

- **2022-03-11 — Admission in…**: The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP)…
- **2022-04-08 — Confirmation of IRP as…**: The Interim Resolution Professional (IRP) was confirmed as the Resolution Professional…

## Legal provisions

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

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