# In the matter of Nathella Sampath Jewelry Private Limited MA-1147-2019 & MA-547-2018 in CP-129-IB-CB-2018

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02554. The case involves an application filed under Section 60(5) r/w Section 12(3) & 33 of the…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02554
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nathella-sampath-jewelry-private-limited-ma-1147-2019-ma-547-2018-in-cp-129-ib-c-01e918f1

## Summary

### Background

The case involves an application filed under Section 60(5) r/w Section 12(3) & 33 of the Insolvency and Bankruptcy Code (IBC), 2016, by the Resolution Professional (RP) to list MA/547/2018, which was filed under Section 33 of the I&B Code, 2016, seeking a liquidation order based on the resolution passed by the Committee of Creditors (CoC). The CoC approved the resolution in its 5th meeting held on 19.09.2018 with a 97.90% majority of the voting share. The Corporate Insolvency Resolution Process (CIRP) was initiated, and an RP was appointed. An advertisement was published to invite Expressions of Interest (EOI) from potential resolution applicants. However, the Directorate of Enforcement (ED) issued a Provisional Attachment Order (PAO) attaching properties of

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Nathella Sampath Jewelry Private Limited. Mr. Ram Ratan Kanoongo was appointed as the Resolution Professional (RP). The RP published an advertisement to invite Expressions of Interest (EOI) from potential resolution applicants. However, the Directorate of Enforcement (ED) issued a Provisional Attachment Order (PAO) attaching 37 immovable properties valued at approximately Rs. 328.44 Crores belonging to the Corporate Debtor, Directors, Guarantors, and Related Parties under the Prevention of Money Laundering Act (PMLA), 2002. The Committee of Creditors (CoC) opined that it had become difficult to find any Resolution Applicant evincing interest in submitting a Resolution Plan. The CoC passed a

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated given the pending proceedings before the PMLA …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating

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**Reasoning:** The NCLT reasoned that the CIRP deadline of 330 days had expired, and the CoC had passed

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**Interpretation:** The NCLT interpreted Section 33(2) of the IBC to mean that it has the power to

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**Application:** The NCLT applied the ratio of Section 33(2) to the facts of the case, noting

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Ram Ratan…
- **Respondents:** Nathella Sampath…
- **Advocates:** Khushboo Shah…

## Timeline

- **2018-04-23 — Admission of CP/129/IB/2…**: CP/129/IB/2018 was…
- **2018-06-21 — Appointment…**: The Tribunal appointed the…

## 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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