# In the matter of FOREVER PRECIOUS JEWELLERY AND DIAMONDS LIMITED

> NCLT judgment dated 2025-06-30. Citation: TCN-2025-NCLT-00854. An application was filed by the Applicant/SCC on 24.06.2025, seeking to replace the Erstwhile…

- **Court:** NCLT
- **Order date:** 30 Jun 2025
- **Citation:** TCN-2025-NCLT-00854
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/forever-precious-jewellery-and-diamonds-limited-2c150528

## Summary

### Background

An application was filed by the Applicant/SCC on 24.06.2025, seeking to replace the Erstwhile Liquidator, Mr. Amit Gupta, with Mr. Brijendra Kumar Mishra as the liquidator of the Corporate Debtor.

## Facts

The Applicant/SCC filed an application on 24.06.2025 to replace the Erstwhile Liquidator.

The IBBI cancelled the license of the Erstwhile Liquidator, Mr. Amit Gupta, on 26.11.2024.

The SCC decided to replace the Erstwhile Liquidator with Mr. Brijendra Kumar Mishra in a meeting held on 08.05.2025.

Mr. Brijendra Kumar Mishra has given his consent to act as a liquidator.

The SCC approved the resolution with a majority of voting.

The Tribunal directed the outgoing Liquidator to hand over the charge to the incumbent Liquidator within 3 days.

The Tribunal directed the SCC to clear the dues of the outgoing Liquidator within 7 days.

## Issues and analysis

### Issue 1: Whether the Erstwhile Liquidator, Mr. Amit Gupta, should be replaced as the liquidator of the …

**Ratio:** The IBBI cancelled the license

…

**Reasoning:** Since the license of the Erstwhile Liquidator was cancelled by the IBBI, he is

…

**Interpretation:** The cancellation of the license by the IBBI renders the individual ineligible

…

**Application:** The Tribunal accepted the SCC's decision to replace the Erstwhile Liquidator

…

## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Ramesh T. Mehta…
- **Respondents:** Forever Precious…
- **Other parties:** Amit G…; Brijendra Kumar…
- **Advocates:** Gayatri M…; Rohan R. So…; +1 more

## Timeline

- **2025-06-24 — Application…**: The Applicant/SCC filed an application…
- **2024-11-26 — IBBI Ord…**: IBBI cancelled the license of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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