# 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-00499. 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-00499
- **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-988-2019-9bc53882

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order of liquidation against the Corporate Debtor, JKS The Banyaan Private Limited. The CIRP was initiated on 2021-04-23 by the Corporate Debtor itself. An Interim Resolution Professional (IRP), Mr. J Manivannan, was appointed, and a public announcement was made on 2021-05-12. The Committee of Creditors (COC) convened its first meeting on 2021-08-06, with Bank of Baroda as the sole financial creditor holding 100% voting rights. A civil appeal was filed before the Supreme Court against an NCLAT order, and the matter was remanded back to the Tribunal. Subsequent COC meetings were held to seek extensions of the CIRP period. The IRP was replaced, and

…

## Facts

The Corporate Debtor, JKS The Banyaan Private Limited, initiated its own Corporate Insolvency Resolution Process (CIRP) on 2021-04-23. Mr. J Manivannan was appointed as the Interim Resolution Professional (IRP), and a public announcement was made on 2021-05-12. The first Committee of Creditors (COC) meeting was held on 2021-08-06, with Bank of Baroda as the sole financial creditor holding 100% voting rights. A civil appeal was filed before the Supreme Court against an NCLAT order, and the matter was remanded back to the Tribunal. Subsequent COC meetings were held to seek extensions of the CIRP period. The IRP was replaced. Despite efforts to find a resolution plan, including publishing EOIs and revising FORM G, no viable plan was received. The 9th COC meeting on

…

## Issues and analysis

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

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, provides that where the

…

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

…

**Interpretation:** The interpretation of Section 33 of the IBC, 2016, in this context is that if

…

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

…

## 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) of JKS The Banyaan Private Limited was…
- **2021-05-12 — Public Annou…**: Public announcement was…

## 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)

---

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/jks-the-banyaan-private-limited-ia-ibc-983-che-2022-in-iba-988-2019-9bc53882