# In the matter of Starlite Jewels Private Limited

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03098. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03098
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/starlite-jewels-private-limited-9d747f02

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Starlite Jewels Private Limited, the Corporate Debtor, by Invent Assets Securitization and Reconstruction Private Limited, the Financial Creditor. The CIRP was initiated after the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Indrajit Mukherjee was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite efforts to find a resolution plan, including the publication of Form-G multiple times, no Expression of Interest (EOI) was received from prospective Resolution Applicants. The Committee of Creditors (CoC), being the sole member, resolved with 100% vote to liquidate the

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## Facts

Invent Assets Securitization and Reconstruction Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Starlite Jewels Private Limited. The petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 was admitted by the Tribunal. Indrajit Mukherjee was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional. Form-G was published twice to invite Expression of Interest (EOI) from resolution applicants, but no applications were received. The 270-day period for CIRP was nearing expiry on 2023-11-06, and an extension of 60 days was sought. The RP issued Form-G again on 2023-11-17. No prospective resolution applicants submitted EOI, and discussions with potential applicants were unfruitful. In the 9th

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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:** The legal framework allows for liquidation when the CIRP fails to achieve its

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**Application:** In this case, the CIRP failed to produce a resolution plan, leading the CoC to

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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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