# In the matter of Meena Jewellers Private Limited

> NCLT judgment dated 2024-01-08. Citation: TCN-2024-NCLT-03266. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Meena…

- **Court:** NCLT
- **Order date:** 8 Jan 2024
- **Citation:** TCN-2024-NCLT-03266
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meena-jewellers-private-limited-cba2ff5c

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Meena Jewellers Private Limited by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated following the admission of a company petition by the NCLT Hyderabad Bench. Subsequently, the Committee of Creditors (COC) resolved for liquidation of the Corporate Debtor, leading to the appointment of a liquidator. The liquidator took steps to consolidate stakeholders' claims, prepare an asset memorandum, and constitute a Stakeholders Consultation Committee (SCC). The liquidation process faced challenges, including the absence of realizable assets and ongoing investigations by the Central Bureau of Investigation (CBI) concerning wrongful

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## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Meena Jewellers Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The company petition was admitted by the NCLT Hyderabad Bench. The Committee of Creditors (COC) resolved for liquidation, leading to the appointment of a liquidator. The liquidator constituted a Stakeholders Consultation Committee (SCC) and took steps to consolidate stakeholders' claims and prepare an asset memorandum. The liquidation process faced challenges, including the absence of realizable assets and ongoing investigations by the Central Bureau of Investigation (CBI) concerning wrongful losses attributed to the corporate debtor and its promoters. The liquidator filed an application

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54(1) of the IBC, 2016, states that where the assets of the Corporate Debtor have

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

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**Interpretation:** Section 54(1) of the IBC, 2016, provides the legal basis for the dissolution of

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**Application:** In this case, the liquidator reported that the assets of Meena Jewellers

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Meena Jewellers…; Umesh Purshottam…

## Timeline

- **2019-11-26 — Admission of Company…**: The Tribunal admitted the Company Petition (IB) No.661/7/HDB/2018 filed by State Bank of…
- **2020-01-07 — Appointment of…**: Dr. K V Srinivas was appointed as the…

## 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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