# In the matter of Starlite Jewels Private Limited

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03081. The case involves an application (I.A. No. 136/2024) filed by Mr. Indrajit Mukherjee, seeking…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/starlite-jewels-private-limited-57f2a43d

## Summary

### Background

The case involves an application (I.A. No. 136/2024) filed by Mr. Indrajit Mukherjee, seeking liquidation of Starlite Jewels Private Limited, referred to as the 'Corporate Debtor', under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated by Invent Assets Securitization and Reconstruction Private Limited (Financial Creditor). Mr. Indrajit Mukherjjee was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite publishing Form-G twice, no resolution applications were received. The Committee of Creditors (CoC), being the sole member, passed a resolution with 100% for the liquidation of the Corporate Debtor in its 9th meeting held on

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## Facts

Invent Assets Securitization and Reconstruction Private Limited initiated the Corporate Insolvency Resolution Process (CIRP) against Starlite Jewels Private Limited. Indrajit Mukherjee was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Form-G was published on 10.04.2023 and 19.05.2023, but no resolution applications were submitted. The RP also issued Form-G on 17.11.2023, again without success. The 270-day period for the CIRP was set to expire on 06.11.2023, and the RP sought an extension of 60 days. In the 9th CoC meeting on 06.12.2023, the CoC, being the sole member, passed a resolution with 100% for the liquidation of the Corporate Debtor. The NCLT admitted the petition under Section 7 of the Code vide

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Starlite Jewels Private Limited, …

**Ratio:** Section 33(2) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39B of

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**Reasoning:** The Committee of Creditors (CoC) approved the liquidation process due to the absence of

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**Interpretation:** Section 33(1) of the IBC allows for the initiation of liquidation proceedings

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**Application:** Since no resolution plan was received despite efforts to solicit them, and the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Starlite Jewels…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2023-02-09 — Petition Ad…**: The Tribunal admitted the…

## 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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