# In the matter of Mahendrakumar Babulal Jewels Pvt. Ltd. IA-446-2021 in CP (IB)-408-2018

> NCLT judgment dated 2021-12-21. Citation: TCN-2021-NCLT-00099. The case involves an application for the dissolution of M/s Mahendrakumar Babulal Jewels Pvt.…

- **Court:** NCLT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLT-00099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mahendrakumar-babulal-jewels-pvt-ltd-ia-446-2021-in-cp-ib-408-2018-a0da16db

## Summary

### Background

The case involves an application for the dissolution of M/s Mahendrakumar Babulal Jewels Pvt. Ltd., a corporate debtor, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016. An operational creditor had initially filed an application under Section 9 of the IB Code for initiating the Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) later resolved to liquidate the Corporate Debtor. The Adjudicating Authority directed the Corporate Debtor to be liquidated and appointed Mr. Hemant Sharma as the Liquidator.

## Facts

An operational creditor initiated Corporate Insolvency Resolution Process (CIRP) against M/s Mahendrakumar Babulal Jewels Pvt. Ltd. under Section 9 of the IB Code, 2016. CP(IB) No. 408 of 2018 was admitted on 16.11.2018, and Mr. Pinakin Surendra Shah was appointed as Interim Resolution Professional (IRP). The Committee of Creditors (CoC) replaced Mr. Pinakin Shah with Mr. Hemant Sharma as the Resolution Professional (RP), confirmed on 04.04.2019. The CoC resolved to liquidate the Corporate Debtor on 12.08.2019. The Adjudicating Authority ordered the liquidation of the Corporate Debtor on 17.09.2019 and appointed Mr. Hemant Sharma as the Liquidator. The Liquidator sought and was granted an extension of the liquidation period on 18.02.2021. The Liquidator filed a final

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Mahendrakumar Babulal Jewels Pvt. Ltd., should be dissolved …

**Ratio:** Section 54(2) of the IB Code empowers the Adjudicating Authority to order the dissolution

…

**Reasoning:** The Adjudicating Authority considered the documents placed on record, including the

…

**Interpretation:** Section 54(2) provides the legal basis for the dissolution of a corporate

…

**Application:** The Adjudicating Authority applied Section 54(2) to the facts of the case,

…

## Parties

- **Judges:** DEEPTI M…; KAUSHALENDRA…
- **Appellants:** Hemant S…
- **Respondents:** M/s Mahendrakumar…; DK Jewels Pvt.…

## Timeline

- **2018-11-16 — Admission of CP(IB) No.…**: CP(IB) No. 408 of 2018 was admitted, and Mr. Pinakin Surendra Shah was appointed as…
- **2019-04-04 — Appointment of Mr.…**: Mr. Hemant Sharma was appointed as Resolution Professional (RP) in place of Mr. Pinakin…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

---

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-chandigarh/mahendrakumar-babulal-jewels-pvt-ltd-ia-446-2021-in-cp-ib-408-2018-a0da16db