# 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-03155. 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-03155
- **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-2019-79ad37ed

## 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, 2016. 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 18.04.2022. 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, and several meetings were held to evaluate resolution plans.

## Facts

The Resolution Professional (RP) filed an application (IA No.17/2023) seeking liquidation of JML Marketings Pvt. Ltd., the Corporate Debtor. An application under Section 7 of the IBC was filed by the Financial Creditor, American Express Banking Corp., and was admitted on 18.04.2022. An Interim Resolution Professional (IRP) was appointed. The IRP received claims and a Committee of Creditors (CoC) was formed. The CoC held meetings to evaluate resolution plans. In the 4th CoC meeting on 08.08.2022, the RP informed the CoC that no EOIs were received. The deadline for EOI submission was extended to 24.08.2022. Five PRAs submitted EOIs, and two were published. The RP shared a Virtual Data Room (VDR) on 08.09.2022. The CoC extended the timeline for submission of Resolution

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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, 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) voted with a majority of 72.93% to liquidate the

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CoC,

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**Application:** The CoC's decision, supported by the RP's efforts and the lack of a viable

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## Parties

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

## Timeline

- **2022-04-18 — Application A…**: Application filed U/s 7 by the Financial…
- **2022-04-21 — Public Annou…**: Public announcement of CIRP and invitation…

## 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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