# In the matter of Shree Ganesh Jewellery House (I) Ltd. CA (IB) No. 839-KB-2018 in CP (IB) No. 579-KB-2017

> NCLT judgment dated 2018-09-14. Citation: TCN-2018-NCLT-00751. The case involves an application filed by the Resolution Professional (RP) seeking an order for…

- **Court:** NCLT
- **Order date:** 14 Sept 2018
- **Citation:** TCN-2018-NCLT-00751
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-ganesh-jewellery-house-i-ltd-ca-ib-no-839-kb-2018-in-cp-ib-no-579-kb-2017-1811f933

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking an order for the liquidation of the Corporate Debtor, Shree Ganesh Jewellery House (I) Ltd., under Section 33(1) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by Abhishek Stock Broking Services Pvt. Ltd., a Financial Creditor, under Section 7 of the I&B Code. During the CIRP, the RP faced difficulties in obtaining necessary records and information about the Corporate Debtor. The promoter of the Corporate Debtor was arrested, and investigating agencies, including CBI and DRI, did not provide the required documents. The Committee of Creditors (CoC) decided to apply for liquidation as the

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## Facts

Abhishek Stock Broking Services Private Limited initiated CIRP against Shree Ganesh Jewellery House (I) Limited under Section 7 of the I&B Code. The application was admitted on 2018-02-12, and Mr. Manish Jain was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anup Kumar Singh replaced Mr. Jain as the RP. The RP faced difficulties in preparing the Information Memorandum due to the non-availability of relevant records. The annual returns of the Corporate Debtor were last filed for the financial year 2014-15, and the CBI seized hard disks and other records in June 2016. The promoter of the Corporate Debtor, Mr. Nilesh Parekh, was arrested by DRI on 2018-06-15. The 5th meeting of the CoC was convened on 2018-08-07 to extend the CIRP period

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Shree Ganesh Jewellery House (I) …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The court considered the difficulties faced during the CIRP, including the

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation proceedings

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**Application:** In this case, the RP faced significant challenges in obtaining necessary

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## Parties

- **Judges:** Jinan…
- **Appellants:** Abhishek Stock…
- **Respondents:** Shree Ganesh…

## Timeline

- **2017-01-01 — Filing of C.P. (IB)…**: Abhishek Stock Broking Services Pvt. Ltd. filed C.P. (IB) No.579/KB/2017 under Section 7…
- **2018-02-12 — Admission of Ap…**: The application was admitted, and Mr. Manish Jain was appointed as the Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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