# 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-02309. The case involves the Corporate Insolvency Resolution Process (CIRP) of Meena Jewellers…

- **Court:** NCLT
- **Order date:** 26 Apr 2021
- **Citation:** TCN-2021-NCLT-02309
- **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-663-9494d31c

## 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), which was admitted on 26.11.2019. 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. An application was also 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 Professional to consider the profile of the Applicant and allow the applicant to submit the Resolution Plan.

## Facts

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 petition was admitted on 26.11.2019. Dr. K.V. Srinivas was appointed as the Resolution Professional. The CIRP period ended on 06.08.2020, 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 100% in favor of liquidation on 05.08.2020, as no viable resolution plan was received. Mr. Uday Pilani filed an application (IA No. 727/2020) under Section 60(5) of the IBC seeking permission to submit a resolution plan after the deadline, claiming he was unable to submit it

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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 initiation of

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**Reasoning:** The Adjudicating Authority relied on the decision of the Committee of Creditors (CoC),

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**Interpretation:** The legal interpretation is that the Adjudicating Authority is bound by the

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**Application:** In this case, the CoC voted unanimously for liquidation, and no viable

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## Parties

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

## Timeline

- **2019-11-26 — Admission of CIRP…**: The petition filed by State Bank of India under Section 7 of the IBC against Meena…
- **2020-02-15 — Invitation for…**: Resolution Professional invited Expression of Interest and submission of Resolution Plans…

## 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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