# In the matter of Meena Jewellers Exclusive Private Limited

> NCLT judgment dated 2024-11-28. Citation: TCN-2024-NCLT-00139. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 28 Nov 2024
- **Citation:** TCN-2024-NCLT-00139
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meena-jewellers-exclusive-private-limited-4c3a9a42

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of Meena Jewellers Exclusive Private Limited. The CIRP was initiated on 2019-11-26, but the company could not be revived, leading to a decision for liquidation. The liquidator was appointed, and various steps were taken, including reconstitution of the Stakeholders Consultation Committee (SCC), valuation of assets, and preparation of reports. The liquidation process faced delays and litigations, leading to an extension of the liquidation period. The liquidator filed an application for the dissolution of the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Meena Jewellers Exclusive Private Limited on 2019-11-26. Due to the inability to revive the company, the Committee of Creditors (COC) resolved for liquidation on 2020-08-05. A liquidator was appointed, who reconstituted the Stakeholders' Consultation Committee (SCC) and prepared an Asset Memorandum and Preliminary Report. The liquidator also filed applications for extension of the liquidation period due to delays and litigations. The liquidation value of the estate was estimated at Rs. 25,32,65,971, while the amount realized from the sale of the liquidation estate was Rs. 20,79,22,137. The liquidator filed a final report and a compliance certificate in Form-H, stating that all assets had been

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, and Regulation 45 of the

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**Reasoning:** The NCLT considered the liquidator's report, which stated that all assets of the

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**Interpretation:** Section 54 of the IBC allows the Adjudicating Authority to order the

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**Application:** In this case, the liquidator had liquidated all the assets of the Corporate

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** M/S. MEENA…; Umesh Purshottam…

## Timeline

- **2019-11-26 — CIRP Init…**: The Tribunal admitted the Corporate Debtor Company into Corporate Insolvency Resolution…
- **2020-01-07 — Second COC…**: Appointment of Dr.K.V.Srinivas as…

## 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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