# 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-02308. 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-02308
- **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-a64b934f

## 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 to consider his profile and allow him to submit a Resolution Plan for Meena Jewellers and Diamonds Pvt Ltd, which is 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, which was admitted on 26.11.2019. The Resolution Professional (RP) had issued a public announcement inviting Expression of Interest (EOI) and submission of Resolution Plans, with a deadline of 01.03.2020. The applicant claims he could not respond in time due to the Covid-19 pandemic and

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## Facts

Mr. Uday Pilani filed an application (IA No. 728/2020) seeking to submit a Resolution Plan for Meena Jewellers and Diamonds Pvt Ltd, which was undergoing CIRP. The CIRP was initiated by State Bank of India (Financial Creditor) under Section 7 of the I&B Code, and was admitted on 26.11.2019. Mr. K. Venkata Srinivas was appointed as the Resolution Professional. The RP had invited Expression of Interest (EOI) with a deadline of 01.03.2020. Mr. Pilani claimed he missed the deadline due to the Covid-19 pandemic and lockdown. He asserted his experience in luxury hotels and property development, his interest in the jewellery business, and his submission of his profile to the RP. The RP rejected his EOI on 05.08.2020. The Resolution Professional filed an application for

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## Issues and analysis

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

**Ratio:** The Tribunal has the discretion to consider the circumstances and the overall objectives

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**Reasoning:** The Tribunal noted that the applicant had only submitted his bio-data and no worthwhile

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**Interpretation:** The I&B Code aims for timely resolution of insolvency, and the Tribunal

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**Application:** In this case, the Tribunal found that the applicant's delay and the lack of a

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## Parties

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

## Timeline

- **2019-11-26 — Admission of CIRP…**: The Tribunal admitted the petition filed by State Bank of India under Section 7 of the…
- **2020-02-15 — Notification for…**: The Resolution Professional issued a notification inviting Expression of Interest (EOI)…

## 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)

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