# In the matter of Indian Gem & Jewellery Imperial Private Limited

> NCLT judgment dated 2023-07-20. Citation: TCN-2023-NCLT-05276. The case pertains to an application filed under Section 54 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Jul 2023
- **Citation:** TCN-2023-NCLT-05276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/indian-gem-jewellery-imperial-private-limited-0c85ab5e

## Summary

### Background

The case pertains to an application filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, by the Liquidator of Indian Gem & Jewellery Imperial Private Limited, seeking the dissolution of the Corporate Debtor.

## Facts

An application was filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, for the dissolution of Indian Gem & Jewellery Imperial Private Limited.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Indian Gem & Jewellery Imperial Private Limited based on a petition filed by Vasu Publicity Private Limited.

Ashok Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Sanjit Kumar Nayak.

A liquidation order was passed on 22/01/2021, appointing Sanjit Kumar Nayak as the Liquidator.

Public announcement of the commencement of liquidation was made in 'Business Standard' and 'Aajkal' on 26/01/2021.

The Liquidator received claims amounting to Rs. 58,28,96,824/-.

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54 of the Insolvency …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of a

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**Reasoning:** The Liquidator has filed the Final Report, and the affairs of the Corporate Debtor have

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**Interpretation:** The Adjudicating Authority interprets Section 54 to permit dissolution when the

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**Application:** The Adjudicating Authority applied Section 54 and allowed the application for

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Sanjit Kuma…
- **Respondents:** Indian Gem &…
- **Other parties:** Indian…; Ashok Kumar…; +1 more
- **Advocates:** Shaunak…; Vikash…; +1 more

## Timeline

- **2019-11-13 — Order for CIRP…**: Adjudicating Authority directed initiation of CIRP against Indian Gem & Jewellery…
- **2020-02-25 — Replacement…**: Ashok Kumar Agarwal, IRP, was replaced by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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