# In the matter of Meena Jewellers Exclusive Private Limited IA No. 673 & 727 of 2020 in CP (IB) No. 663-7-HDB-2018

> NCLT judgment dated 2021-04-26. Citation: TCN-2021-NCLT-02311. The case involves the Corporate Insolvency Resolution Process (CIRP) of Meena Jewellers…

- **Court:** NCLT
- **Order date:** 26 Apr 2021
- **Citation:** TCN-2021-NCLT-02311
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/meena-jewellers-exclusive-private-limited-ia-no-673-727-of-2020-in-cp-ib-no-663-1500e9d9

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Meena Jewellers Exclusive Private Limited. The CIRP was initiated based on a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP commenced on November 26, 2019. An application was filed by the Resolution Professional under Section 33(1)(a) of the IBC seeking orders for liquidation of Meena Jewellers Exclusive Private Limited. The Committee of Creditors (CoC) voted in favor of liquidation with 100% voting share as no viable resolution plan was received. An application (IA No. 727/2020) was filed by Mr. Uday Pilani under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, praying the Tribunal to pass an order to direct the Resolution

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## Facts

The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Meena Jewellers Exclusive Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on November 26, 2019. Dr. K.V. Srinivas was appointed as the Resolution Professional. The CIRP period ended on August 6, 2020, after excluding 74 days due to the COVID-19 lockdown. The Ex-Management/Directors did not cooperate and dishonored their undertakings. The Committee of Creditors (CoC) voted in favor of liquidation with 100% voting share, as no viable resolution plan was received. Mr. Uday Pilani filed an application (IA No. 727/2020) seeking permission to submit a resolution plan, claiming he was unable to submit it earlier due to the COVID-19

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed given the CoC's …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code (IBC) mandates the Adjudicating

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**Reasoning:** The CoC voted in favor of liquidation with 100% voting share, indicating a lack of viable

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**Interpretation:** The Adjudicating Authority (NCLT) is not expected to do anything more; but is

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**Application:** Since the CoC approved liquidation, the NCLT is obligated to allow the

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## Parties

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

## Timeline

- **2019-11-26 — CIRP Init…**: The Tribunal admitted the petition bearing CP (IB) No. 663/7/HDB/2018 under Section 7 of…
- **2020-02-15 — Expression of Interest…**: RP invited Expression of Interest and submission of Resolution Plans from the prospective…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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