# In the matter of Goodwin Jewellers Private Limited I.A. 1182 of 2021 in CP (IB) - 1916-I&BP-2019

> NCLT judgment dated 2022-02-08. Citation: TCN-2022-NCLT-04218. The application I.A. No. 1182/2021 was filed by the Resolution Professional, Mr. Jeetendra…

- **Court:** NCLT
- **Order date:** 8 Feb 2022
- **Citation:** TCN-2022-NCLT-04218
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/goodwin-jewellers-private-limited-ia-1182-of-2021-in-cp-ib-1916-ibp-2019-9c9f87cc

## Summary

### Background

The application I.A. No. 1182/2021 was filed by the Resolution Professional, Mr. Jeetendra Rajpal Daryani, seeking liquidation of Goodwin Jewellers Private Limited, the Corporate Debtor, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Goodwin Jewellers Private Limited following the admission of a petition filed by Payal Gold Private Limited, the Operational Creditor, on 20.12.2019. Mr. Pankaj Ramandas Majithia was initially appointed as the Interim Resolution Professional (IRP).

## Facts

The Resolution Professional, Mr. Jeetendra Rajpal Daryani, filed an application seeking the liquidation of Goodwin Jewellers Private Limited (Corporate Debtor) under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated against Goodwin Jewellers Private Limited following the admission of a petition filed by Payal Gold Private Limited (Operational Creditor) on 20.12.2019. A public announcement was made on 24.12.2019, inviting claims from the creditors. The Committee of Creditors (CoC) convened its first meeting on 24.01.2020. In the second meeting on 12.02.2020, the Applicant was appointed as the Resolution Professional for the remaining period of CIRP, approved by 100% of the members. The Tribunal approved this appointment on 18.11.2020.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Goodwin Jewellers Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The Tribunal observed that the CIRP period had expired, the Corporate Debtor was not

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CIRP

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**Application:** Given the expiration of the CIRP period, the absence of a resolution plan, and

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Jeetendra Rajpal…
- **Respondents:** Goodwin Jewellers…
- **Advocates:** Shavez…

## Timeline

- **2019-12-20 — Admission of…**: The Tribunal admitted the petition filed by Payal Gold Private Limited, initiating the…
- **2019-12-24 — Public Annou…**: A public announcement was made inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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