# In the matter of J.M.L. Marketings Pvt. Ltd. IA No.17-2023 in CP (IB) NO.218-ALD-2019

> NCLT judgment dated 2023-05-26. Citation: TCN-2023-NCLT-03152. The Resolution Professional (RP) of the Corporate Debtor filed an application (IA No.17/2023)…

- **Court:** NCLT
- **Order date:** 26 May 2023
- **Citation:** TCN-2023-NCLT-03152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jml-marketings-pvt-ltd-ia-no17-2023-in-cp-ib-no218-ald-2019-47416dbf

## Summary

### Background

The Resolution Professional (RP) of the Corporate Debtor filed an application (IA No.17/2023) seeking directions for initiating liquidation proceedings of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code (IBC). The RP also sought appointment as the Liquidator and approval of the Liquidator's fee. The case originated from an application filed under Section 7 of the IBC by the Financial Creditor, which was admitted on 2022-04-18. An Interim Resolution Professional (IRP) was appointed to conduct the Corporate Insolvency Resolution Process (CIRP). Public announcement and invitation of claims were made. A Committee of Creditors (CoC) was constituted. Several CoC meetings were held to evaluate resolution plans, but no viable resolution plan was

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## Facts

An application (IA No.17/2023) was filed by the Resolution Professional (RP) seeking liquidation of JML Marketings Pvt. Ltd., the Corporate Debtor. The application was filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated based on an application under Section 7 of IBC filed by American Express Banking Corp., the Financial Creditor, which was admitted on 2022-04-18. The Interim Resolution Professional (IRP) was appointed. Public announcements were made, and a Committee of Creditors (CoC) was formed. Several CoC meetings were held. In the 3rd CoC meeting held on 2022-07-15, eligibility criteria for inviting Expression of Interest (EoI) were discussed. In the 4th CoC meeting held on 2022-08-08, the RP informed the CoC that no EOIs

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## Issues and analysis

### Issue 1: Whether the application for initiating liquidation proceedings of the Corporate Debtor under …

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

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**Reasoning:** The court noted that the CoC, in its 9th meeting, had approved the liquidation of the

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**Interpretation:** Section 33(2) provides a clear mechanism for initiating liquidation proceedings

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor was

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Madan Mohan…
- **Respondents:** JML MARKETINGS…

## Timeline

- **2022-04-18 — Application A…**: Application filed U/s 7 by the Financial…
- **2022-04-21 — Public Annou…**: Public announcement of Corporate Insolvency Resolution Process (CIRP) of the Corporate…

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