# In the matter of GOENKA DIAMOND AND JEWELS LIMITED

> NCLT judgment dated 2025-12-02. Citation: TCN-2025-NCLT-01751. The case involves an application filed by the Resolution Professional of Goenka Diamond and…

- **Court:** NCLT
- **Order date:** 2 Dec 2025
- **Citation:** TCN-2025-NCLT-01751
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/goenka-diamond-and-jewels-limited-c910d81c

## Summary

### Background

The case involves an application filed by the Resolution Professional of Goenka Diamond and Jewels Limited seeking approval of a resolution plan submitted by Shri Navneet Goenka, which was approved by the Committee of Creditors (CoC) with 86.56% majority. Union Bank of India, a dissenting financial creditor, raised objections against the plan.

## Facts

Union Bank of India (erstwhile Corporation Bank) filed a Company Petition under Section 7 of the Code for initiation of CIRP against Goenka Diamond and Jewels Limited.

The CIRP was admitted, and Mr. Sourabh Malpani was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The CoC was reconstituted, and the details of the CoC members were provided, including Punjab National Bank, Union Bank of India, Alchemist ARC Limited, and Punjab & Sind Bank.

The RP received 7 Expressions of Interest (EoIs) and subsequently three Resolution Plans.

The Resolution Plan submitted by Mr. Navneet Goenka was approved by the CoC with a majority of 86.56%.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan providing for extinguishment of third-party security interests and …

**Ratio:** The Adjudicating Authority relied on the judgments of the Hon'ble NCLAT and Apex Court to

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**Reasoning:** The Authority distinguished the present case from previous judgments, noting that the

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**Interpretation:** The Adjudicating Authority interpreted Section 30(2) and CIRP Regulations to

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**Application:** The Adjudicating Authority applied the legal principles to the facts of the

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Union Bank of…
- **Respondents:** Goenka Diamond…; Sourabh M…; +2 more
- **Other parties:** Committee of…; Nitin G…; +5 more
- **Advocates:** Akarsh M…; Varun S…; +8 more

## Timeline

- **2019-N/A-N/A — Initiation…**: Company Petition filed by Union Bank of…
- **2022-12-09 — Admission o…**: The Company Petition was admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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