# In the matter of JAATVEDAS CONSTRUCTION COMPANY PRIVATE LIMITED

> NCLT judgment dated 2025-09-09. Citation: TCN-2025-NCLT-01341. The case involves an application for the initiation of liquidation proceedings against…

- **Court:** NCLT
- **Order date:** 9 Sept 2025
- **Citation:** TCN-2025-NCLT-01341
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jaatvedas-construction-company-private-limited-7cff5315

## Summary

### Background

The case involves an application for the initiation of liquidation proceedings against Jaatvedas Construction Company Private Limited, the Corporate Debtor, filed by the Resolution Professional, Mr. Kailash T. Shah.

## Facts

Mr. Kailash T. Shah, the Resolution Professional (RP) of Jaatvedas Construction Company Private Limited, filed the application for liquidation.

The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 16.09.2022.

Ultratech Cement Limited filed the application under Section 9 of the Code as an Operational Creditor.

The CoC approved the liquidation of the Corporate Debtor with a majority of 53.99%.

The Resolution Plan submitted by Hi-Tech Sweet Water Technologies Pvt. Ltd was rejected by the CoC.

The CoC approved the refund of the Earnest Money Deposit (EMD) to the SRA.

Incorp Restructuring Services LLP was appointed as the Liquidator of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be approved based on the …

**Ratio:** Section 33(2) of the Code states that if the resolution professional intimates the

…

**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with a majority of 53.99%. The

…

**Interpretation:** The Tribunal interpreted Section 33(2) of the Code to mean that the

…

**Application:** The Tribunal applied Section 33(2) of the Code to the facts of the case and

…

## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** Kailash T…
- **Respondents:** Jaatvedas…
- **Other parties:** Sitansh…; Incorp Restructuri…; +1 more
- **Advocates:** Aniruth Purusotham…

## Timeline

- **16.09.2022 — Admission in…**: The Corporate Debtor was admitted into…
- **17.09.2022 — Public Annou…**: The erstwhile IRP made a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — 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-mumbai/jaatvedas-construction-company-private-limited-7cff5315