# In the matter of Meena Jewellers & Diamond Private Limited IA No. 674 & 728-2020 in CP(IB) No. 665-7-HDB-2018

> NCLT judgment dated 2021-04-26. Citation: TCN-2021-NCLT-02310. The case involves an application (IA No. 728/2020) filed by Mr. Uday Pilani under Section 60(5)…

- **Court:** NCLT
- **Order date:** 26 Apr 2021
- **Citation:** TCN-2021-NCLT-02310
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/meena-jewellers-diamond-private-limited-ia-no-674-728-2020-in-cpib-no-665-7-hdb-044f409c

## Summary

### Background

The case involves an application (IA No. 728/2020) filed by Mr. Uday Pilani under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the Tribunal's direction to the Resolution Professional (RP) to consider his profile and allow him to submit a Resolution Plan for Meena Jewellers and Diamonds Pvt Ltd, which was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition filed by State Bank of India under Section 7 of the I&B Code, admitted on 26.11.2019. The RP had issued a public announcement inviting Expression of Interest (EOI) and submission of Resolution Plans, with a deadline of 01.03.2020. However, the applicant claimed he missed the deadline due to the Covid-19 pandemic and lockdown.

## Facts

1. State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Meena Jewellers and Diamonds Private Limited, initiating the Corporate Insolvency Resolution Process (CIRP).
2. The petition was admitted on 26.11.2019, and Mr. K. Venkata Srinivas was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP).
3. The RP issued a public announcement inviting Expression of Interest (EOI) and submission of Resolution Plans, setting a deadline of 01.03.2020.
4. Mr. Uday Pilani filed an application (IA No. 728/2020) seeking the Tribunal's direction to the RP to consider his profile and allow him to submit a Resolution Plan, claiming he missed the deadline due to the Covid-19 pandemic and

…

## Issues and analysis

### Issue 1: Whether the Tribunal should direct the Resolution Professional to consider the profile of Mr. Uday …

**Ratio:** The Adjudicating Authority should not interfere with the commercial wisdom of the

…

**Reasoning:** The Tribunal reasoned that the applicant had not submitted a worthwhile Resolution Plan

…

**Interpretation:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016 provides the legal

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** Bhaskara Pantula…; Veera Brahma Rao…
- **Appellants:** Uday Pi…
- **Respondents:** Meena Jewellers…; Meena Jewellers…
- **Advocates:** DVAS Ravi…

## Timeline

- **2019-11-26 — Admission of CIRP…**: The petition filed by State Bank of India under Section 7 of the I&B Code against Meena…
- **2020-02-15 — Public Announcement for…**: The Resolution Professional issued a public announcement inviting Expression of Interest…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/meena-jewellers-diamond-private-limited-ia-no-674-728-2020-in-cpib-no-665-7-hdb-044f409c