# In the matter of Rasiklal Sankalchand Jewellers Private Limited I.A. 3714 OF 2022 in C.P.(IB) No. 1253-MB-2020

> NCLT judgment dated 2023-02-17. Citation: TCN-2023-NCLT-04560. The Resolution Professional, Mr. Santanu T. Ray, filed I.A. No. 3714/2022 seeking liquidation…

- **Court:** NCLT
- **Order date:** 17 Feb 2023
- **Citation:** TCN-2023-NCLT-04560
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rasiklal-sankalchand-jewellers-private-limited-ia-3714-of-2022-in-cpib-no-1253-m-18b01782

## Summary

### Background

The Resolution Professional, Mr. Santanu T. Ray, filed I.A. No. 3714/2022 seeking liquidation of Rasiklal Sankalchand Jewellers Private Limited, the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor after ICICI Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Code, which was admitted by the Tribunal on 07.06.2022. The Applicant was appointed as the Interim Resolution Professional of the Corporate Debtor by the Tribunal.

## Facts

ICICI Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Rasiklal Sankalchand Jewellers Private Limited (Corporate Debtor) by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 07.06.2022. Mr. Santanu T. Ray was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). The RP published FORM-G, inviting Expressions of Interest (EOI) for resolution plans. Nakshatra Corporate Advisors Limited submitted an EOI and also deposited an Earnest Money Deposit (EMD) of Rs. 5.00 Lakhs. Nakshatra Corporate Advisors Limited requested an extension of 14 days to submit the resolution plan. The RP sought the opinion of the Committee of Creditors (COC)

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Rasiklal Sankalchand Jewellers Private Limited, should be liquidated …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The Tribunal considered the fact that despite efforts to find a resolution applicant, no

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**Interpretation:** Section 33(1) provides a clear pathway for liquidation when resolution efforts

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**Application:** In this case, the RP published FORM-G, but no resolution plan was received. The

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Santanu T…
- **Respondents:** Rasiklal Sankalcha…; ICICI Bank…

## Timeline

- **2022-06-07 — Admission of Section 7…**: The Tribunal admitted the petition filed by ICICI Bank Limited under Section 7 of the…
- **2022-10-20 — Sharing o…**: The Applicant shared the RFRP, Information Memorandum, and Evaluation Matrix with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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