# In the matter of Forever Precious Jewellery & Diamond Private Limited

> NCLT judgment dated 2024-01-29. Citation: TCN-2024-NCLT-02862. The case involves an application filed by Hanumanta Tradecom, the Applicant, against Amit…

- **Court:** NCLT
- **Order date:** 29 Jan 2024
- **Citation:** TCN-2024-NCLT-02862
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/forever-precious-jewellery-diamond-private-limited-67913fa2

## Summary

### Background

The case involves an application filed by Hanumanta Tradecom, the Applicant, against Amit Gupta, the Liquidator of Forever Precious Jewellery & Diamond Ltd, the Corporate Debtor. The Corporate Debtor was ordered for liquidation on 2020-09-01, and the Respondent was appointed as the Liquidator. The Applicant participated in an e-auction conducted by the Respondent for the sale of the Corporate Debtor's assets and was declared the successful bidder for four diamond boxes. The Applicant paid for three boxes but failed to pay the balance sale consideration for Diamond Box No. 2, leading to the forfeiture of the EMD and cancellation of the sale by the Respondent. The Applicant sought additional time to make the payment and prevent the forfeiture of the EMD.

## Facts

The Corporate Debtor, Forever Precious Jewellery and Diamonds Limited, was ordered for liquidation on 2020-09-01, and Amit Gupta was appointed as the Liquidator. On 2023-04-19, the Liquidator published an e-auction notice for the sale of the Corporate Debtor's assets. Hanumanta Tradecom, the Applicant, submitted an Expression of Interest and deposited Rs. 90,95,000/- as EMD. The Applicant was declared the successful bidder for four diamond boxes: Diamond Box - 1 (2234 carats, Rs. 1,41,44,000), Diamond Box - 2 (1677.58 carats, Rs. 1,72,64,000), Diamond Box - 4 (1859.73 carats, Rs. 2,09,09,000), and Diamond Box - 14 (1277.29 carats, Rs. 1,19,83,000). The total bid value was Rs. 6,43,00,000. The assets were located at Module 26 & 27, SDF – III, MEPZ SEZ, Tambaram,

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## Issues and analysis

### Issue 1: Whether the Hon'ble Tribunal should allow the application and grant additional time of 30 days to …

**Ratio:** The ratio is based on the provisions of the IBC, 2016, and the Liquidation Process

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**Reasoning:** The Tribunal reasoned that the Applicant failed to pay the balance sale consideration

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**Interpretation:** The interpretation involves understanding the provisions of the IBC, 2016, and

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**Application:** The Tribunal applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Hanumanta T…
- **Respondents:** Forever Precious…; Forever Precious…; +1 more
- **Advocates:** Arpit Si…; Rakesh…

## Timeline

- **2020-09-01 — Liquidation…**: The Corporate Debtor/Forever Precious Jewellery and Diamonds Limited was ordered for…
- **2023-04-19 — E-Auction…**: The Respondent published the E-Auction notice…

## 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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