# In the matter of Jain International Trade Organization,
Vs.
Mr. Udupi Vasudev Ganesh Naik,
Liquidator of M/s. P&S Jewellery Limited Company Appeal (AT) Insolvency No. 1059 of 2021

> NCLAT judgment dated 2022-05-23. Citation: TCN-2022-NCLAT-00471. This case involves two appeals against an order dated 29.10.2021 passed by the National…

- **Court:** NCLAT
- **Order date:** 23 May 2022
- **Citation:** TCN-2022-NCLAT-00471
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jain-international-trade-organization-vs-mr-udupi-vasudev-ganesh-naik-liquidator-3e537cd6

## Summary

### Background

This case involves two appeals against an order dated 29.10.2021 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which rejected I.A. No. 1012/2021 filed by the Liquidator for confirmation of the auction sale of Lot No. 1 and Lot No. 2 and directed the Liquidator to issue a fresh e-Auction Sale Notice. The appellants, Jain International Trade Organisation and Hitesh Vasantlal Bhanushali, were the successful auction purchasers for Lot No. 2 and Lot No. 1, respectively, in an e-Auction held on 26th February, 2021. The NCLT's order was based on the view that the amended Liquidation Regulations, specifically Schedule I, Clause 12, as amended by Notification dated 25th July, 2019, was not complied with regarding the e-Auction. The liquidation process was

…

## Facts

The National Company Law Tribunal (NCLT), Mumbai Bench, passed an order on 29.10.2021 rejecting I.A. No. 1012/2021 filed by the Liquidator for confirmation of the auction sale of Lot No. 1 and Lot No. 2. The NCLT directed the Liquidator to issue a fresh e-Auction Sale Notice. Jain International Trade Organisation submitted its bid for Lot No. 2, while Hitesh Vasantlal Bhanushali submitted his bid for Lot No. 1. The e-Auction Sale was held on 26th February, 2021. The NCLT allowed an application filed under Section 33 of the Code and passed an order directing for liquidation of the Corporate Debtor-‘M/s. P&S Jewellery Limited' on 30th July, 2018. The Liquidator issued e-Auction Sale Notices for e-Auction to be held on 05th December, 2019, 21st January, 2020, and 11th

…

## Issues and analysis

### Issue 1: Whether the amended IBBI (Liquidation Process) Regulations, specifically Schedule I, Clause 12, as …

**Ratio:** The amended regulations came into force on 25th July, 2019, and should be applied

…

**Reasoning:** The tribunal reasoned that the amended regulations, allowing 90 days for depositing the

…

**Interpretation:** The interpretation of the amended regulations is that they apply to liquidation

…

**Application:** Since the e-Auction Sale Notice was issued on 23rd January, 2021, after the

…

## Parties

- **Judges:** Ashok Bh…; Shreesha…
- **Appellants:** Jain International…
- **Respondents:** M/s. P & S…; Udupi Vasudev…
- **Advocates:** Gopal…; Sachin…; +10 more

## Timeline

- **2018-07-30 — Liquidation…**: National Company Law Tribunal, Mumbai Bench allowed an Application filed under Section 33…
- **2019-11-19 — First e-Auctio…**: Liquidator issued e-Auction Notices for…

## 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/nclat-new-delhi/jain-international-trade-organization-vs-mr-udupi-vasudev-ganesh-naik-liquidator-3e537cd6