# In the matter of JKS The Banyaan Private Limited IA-IBC-983-CHE-2022 in IBA-988-2019

> NCLT judgment dated 2022-11-09. Citation: TCN-2022-NCLT-00497. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Nov 2022
- **Citation:** TCN-2022-NCLT-00497
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jks-the-banyaan-private-limited-ia-ibc-983-che-2022-in-iba-988-2019-06fb07d7

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, JKS The Banyaan Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-04-23 by the Corporate Debtor itself. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made on 2021-05-12. Several Committee of Creditors (COC) meetings were held to discuss the resolution process. An application was filed seeking exclusion of the COVID-19 period from 2021-04-23 to 2022-08-28 and extension of the CIRP period, which was allowed by the Tribunal. Despite efforts to find a resolution plan, no viable plan was received, leading the COC to unanimously

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## Facts

The Corporate Debtor, JKS The Banyaan Private Limited, initiated its own CIRP on 2021-04-23. Mr. J Manivannan was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2021-05-12. The first COC meeting was held on 2021-08-06, with Bank of Baroda as the sole financial creditor holding 100% voting rights. An application was filed seeking exclusion of the COVID-19 period from 2021-04-23 to 2022-08-28 and extension of the CIRP period, which was allowed by the Tribunal on 2022-06-09. The last date for submission of the resolution plan was extended multiple times. The COC resolved to liquidate the Corporate Debtor on 2022-08-02, as no Expression of Interest (EOI) was received due to the lack of construction activity and RERA approval.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, JKS The Banyaan Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, states that where the

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**Reasoning:** The Adjudicating Authority reasoned that the CIRP period had ended on 2022-08-28, and the

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**Interpretation:** Section 33(2) of the IBC is interpreted to mean that if the CIRP period expires

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**Application:** In this case, the CIRP period ended without a resolution plan, and the COC

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** Rajalakshmi…
- **Respondents:** JKS THE BANYAAN…
- **Advocates:** B. Dhan…

## Timeline

- **2021-04-23 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) was initiated by the Corporate Debtor,…
- **2021-05-12 — Public Annou…**: The Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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