# In the matter of Goel Jewelery & Mart Private Limited IA-1032 & 1193-ND-2023 in IN IB-664-ND-2021

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-02998. The case involves an application for the initiation of liquidation proceedings against Goel…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-02998
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/goel-jewelery-mart-private-limited-ia-1032-1193-nd-2023-in-in-ib-664-nd-2021-3d3131c7

## Summary

### Background

The case involves an application for the initiation of liquidation proceedings against Goel Jewelery & Mart Private Limited. The Resolution Professional submitted an application under Regulation 17(1) of IBBI Regulations, 2016, to record the reconstitution of the Committee of Creditors (CoC). The CoC initially comprised one Operational Creditor, but after the claim of Kotak Mahindra Bank was collated, the Operational Creditor was replaced by the Financial Creditor. The reconstituted CoC consists of only one Financial Creditor, Kotak Mahindra Bank. Form-G was issued twice, but no resolution could be achieved. The CoC decided with 100% voting to opt for liquidation of the Corporate Debtor and to engage Mr. Arvind Mittal as Liquidator.

## Facts

Nipun Jain initiated insolvency proceedings against Goel Jewelery & Mart Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and a Resolution Professional was appointed. The Committee of Creditors (CoC) was formed, initially comprising one Operational Creditor. Subsequently, Kotak Mahindra Bank's claim was collated, replacing the Operational Creditor with a Financial Creditor. The reconstituted CoC consisted of only Kotak Mahindra Bank. Despite issuing Form-G twice, no resolution plan was achieved. 270 days had lapsed since the commencement of CIRP on 06.02.2023. The CoC voted with 100% majority to opt for liquidation of the Corporate Debtor. Mr. Arvind Mittal was appointed as the Liquidator, and his fee was determined. He also

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## Issues and analysis

### Issue 1: Whether the application for initiating the liquidation process of Goel Jewelery & Mart Private …

**Ratio:** When no resolution plan is achieved within the stipulated time frame under the Insolvency

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**Reasoning:** The court reasoned that since 270 days had lapsed since the commencement of the CIRP, and

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code (IBC) is that if the

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**Application:** In this case, the CoC voted for liquidation after 270 days had passed without a

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## Parties

- **Judges:** P.S.N. P…; SH. AVINASH KUMAR…
- **Appellants:** Nipun…
- **Respondents:** Goel Jewelery &…

## Timeline

- **2023-02-06 — 270 Days…**: 270 days had already lapsed since the commencement of the Corporate Insolvency Resolution…
- **2023-06-09 — Order Del…**: The order for liquidation was delivered, approving the initiation of the liquidation…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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