# In the matter of Vee Ess Jewellers Limited

> NCLT judgment dated 2024-04-09. Citation: TCN-2024-NCLT-01766. The application I.A./4037/ND/2023 was filed by Mr. Ashok Kumar Gupta, the Resolution…

- **Court:** NCLT
- **Order date:** 9 Apr 2024
- **Citation:** TCN-2024-NCLT-01766
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vee-ess-jewellers-limited-940a13e4

## Summary

### Background

The application I.A./4037/ND/2023 was filed by Mr. Ashok Kumar Gupta, the Resolution Professional of M/s. Vee Ess Jewellers Limited ('Corporate Debtor'), seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor via an order dated 24.01.2023. Mr. Ashok Kumar Gupta was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Public announcement was made as per Regulation 6(1) of the CIRP Regulations, 2016. The Committee of Creditors (CoC) comprised State Bank of India and ICICI Bank. An invitation for expression of interest was published, but no interest was received. The CoC noted that the Corporate Debtor had

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Vee Ess Jewellers Limited based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by State Bank of India. Ashok Kumar Gupta was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. A public announcement was made inviting claims from the public. The Committee of Creditors (CoC) was formed, consisting of State Bank of India and ICICI Bank. An invitation for expression of interest was published, but no expression of interest was received. The CoC noted that the Corporate Debtor had no assets, was not maintaining its office, and its promoter was absconding and booked under various cases filed by CBI/ED. Customs

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Vee Ess Jewellers Limited, …

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

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**Reasoning:** The court considered the submissions made by the applicant/Resolution Professional and

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**Interpretation:** Section 33 empowers the CoC to decide on liquidation based on its commercial

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**Application:** In this case, the CoC decided to liquidate the Corporate Debtor due to the

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## Parties

- **Judges:** SH. MANNI…; Sanjeev R…
- **Appellants:** ASHOK KUMAR…
- **Respondents:** M/s. Vee Ess…; State Bank of…

## Timeline

- **2023-01-24 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Vee Ess…
- **2023-02-24 — First CoC M…**: The first meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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