# In the matter of Omega Jewellers Pvt. Ltd. CA-514(PB)-2018 in (IB)-588(PB)-2017

> NCLT judgment dated 2018-07-30. Citation: TCN-2018-NCLT-01048. The case pertains to an application/petition filed by SRS Finance Ltd. against OMEGA Jeweller…

- **Court:** NCLT
- **Order date:** 30 Jul 2018
- **Citation:** TCN-2018-NCLT-01048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/omega-jewellers-pvt-ltd-ca-514pb-2018-in-ib-588pb-2017-9707672c

## Summary

### Background

The case pertains to an application/petition filed by SRS Finance Ltd. against OMEGA Jeweller Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, CIRP. The matter was heard by the National Company Law Tribunal (NCLT), New Delhi, Principal Bench.

## Facts

SRS Finance Ltd. filed a petition against OMEGA Jeweller Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code. On the date of the hearing, neither the petitioner (SRS Finance Ltd.) nor the respondent (OMEGA Jeweller Pvt. Ltd.) appeared before the court. The court had previously deferred the hearing. Due to the absence of both parties, the petition was dismissed for non-prosecution. An order dated 20/08/2018 indicates that this order should be treated as dismissal of CA 514(PB)/2018.

## Issues and analysis

### Issue 1: Whether the petition filed by SRS Finance Ltd. should be dismissed due to the non-appearance of …

**Ratio:** A petition can be dismissed for non-prosecution if neither the petitioner nor the

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**Reasoning:** The court reasoned that since neither party appeared in support of the petition, and the

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**Interpretation:** This reflects the court's inherent power to manage its docket and ensure that

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**Application:** In this specific case, the absence of both SRS Finance Ltd. and OMEGA Jeweller

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** SRS Financ…
- **Respondents:** OMEGA Jeweller…

## Timeline

- **2018-07-30 — Order Del…**: Order delivered dismissing the petition for non-prosecution due to the absence of both…
- **2018-08-20 — Order Regarding…**: Order stating that this order be…

## 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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