# In the matter of PC Jeweller Limited

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01620. The case involves State Bank of India as the petitioner/applicant and PC Jeweller Limited as…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pc-jeweller-limited-ededbe60

## Summary

### Background

The case involves State Bank of India as the petitioner/applicant and PC Jeweller Limited as the respondent. The matter pertains to an application under Section 7 of the Insolvency & Bankruptcy Code, 2016. A Joint Lenders Meeting has occurred on 03.04.2024, and final details are being worked out.

## Facts

State Bank of India (SBI) has filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against PC Jeweller Limited. A Joint Lenders Meeting took place on 03.04.2024. The petitioner's counsel requested an adjournment to finalize details. The court granted one last opportunity and listed the matter for continuation of arguments on 25.04.2024. The order was directed to be sent to IBBI, the Secretary of the Department of Financial Services, Ministry of Finance, and the Chief General Manager, SBI, New Delhi. The relevance of the Joint Lenders Meeting is that it is a crucial step in resolving the insolvency proceedings, and the final details being worked out are essential for the court to make an informed decision.

## Issues and analysis

### Issue 1: Whether to grant an adjournment to the petitioner to …

**Ratio:** Courts have the discretion to grant adjournments based on the circumstances of the case,

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**Reasoning:** The court acknowledges that a Joint Lenders Meeting has taken place and that final

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**Interpretation:** The interpretation of procedural law allows for adjournments when necessary to

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**Application:** Given the ongoing Joint Lenders Meeting and the need to finalize details, the

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** State Bank of…
- **Respondents:** PC Jeweller…

## Timeline

- **2024-04-03 — Joint Lenders…**: A Joint Lenders Meeting…
- **2024-04-24 — Order Da…**: Order delivered on 24.04.2024, granting…

## 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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