# In the matter of Meena Jewellers Exclusive Private Limited

> NCLT judgment dated 2024-11-28. Citation: TCN-2024-NCLT-00144. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 28 Nov 2024
- **Citation:** TCN-2024-NCLT-00144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meena-jewellers-exclusive-private-limited-78dfcc23

## 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 the reconstitution of the Stakeholders Consultation Committee (SCC), valuation of assets, and filing of reports as per IBBI regulations. The liquidation process faced delays and litigations, leading to an extension of the liquidation period. CBI also registered a case against the corporate debtor and its directors for causing wrongful loss to State Bank of India. The liquidator filed an application for dissolution of the corporate debtor after

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## Facts

The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Meena Jewellers Exclusive Private Limited under Section 7 of IBC, 2016. The CIRP was admitted 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). The liquidator prepared an Asset Memorandum and Preliminary Report. The liquidation value of the liquidation estate was Rs.25,32,65,971/-, and the amount realized from the sale of the liquidation estate was Rs.20,79,22,137/-. The amounts to be distributed to stakeholders were Rs.19,58,71,353/-, and the fee payable to the liquidator was Rs.73,94,000/-. The liquidation

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, and Regulation 45 of the IBBI

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**Reasoning:** The NCLT considered the liquidator's report, compliance with IBBI regulations, and 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 filed Form-H and stated that all the assets

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## Parties

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

## Timeline

- **2019-11-26 — CIRP Admi…**: The Tribunal admitted the Corporate Debtor Company into Corporate Insolvency Resolution…
- **2020-01-07 — Second COC…**: Second COC meet…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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