# In the matter of Vee Ess Jewellers Limited

> NCLT judgment dated 2024-04-09. Citation: TCN-2024-NCLT-01781. 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-01781
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vee-ess-jewellers-limited-c7c2c27c

## 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, seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Vee Ess Jewellers Limited vide an order dated 24.01.2023. Mr. 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 constituted with State Bank of India and ICICI Bank as members. The CoC, in its meetings, noted the absence of assets, the non-operation of the Corporate Debtor, and the absconding

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Vee Ess Jewellers Limited based on an application filed by State Bank of India. Ashok Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, consisting of State Bank of India and ICICI Bank. The CoC held several meetings and noted that the Corporate Debtor had no assets, was not maintaining its office, and its promoter was absconding. An invitation for expression of interest was published, but no interest was received. The CoC decided to proceed with the liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The CoC also resolved to

…

## Issues and analysis

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

**Ratio:** The CoC has the power to decide on liquidation, especially when the Corporate Debtor is

…

**Reasoning:** The CoC, in its commercial wisdom, decided to liquidate the Corporate Debtor due to the

…

**Interpretation:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the CoC to

…

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

…

## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Respondents:** Vee Ess Jewellers…

## Timeline

- **2023-01-24 — CIRP Init…**: 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 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vee-ess-jewellers-limited-c7c2c27c