# M/s Supreme Eximp Private Limited vs. M/s Jewel Overseas Private Limited

> NCLT judgment dated 20 Jan 2026. Citation: TCN-2026-NCLT-00027. This application was filed by the Resolution Professional, Ms. Veenu Drall, under Section…

- **Court:** NCLT
- **Order date:** 20 Jan 2026
- **Citation:** TCN-2026-NCLT-00027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/ms-supreme-eximp-private-limited-vs-ms-jewel-overseas-private-limited-vunry

## Summary

### Background

This application was filed by the Resolution Professional, Ms. Veenu Drall, under Section 33(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s Jewel Overseas Private Limited. The Corporate Insolvency Resolution Process (CIRP) against M/s Jewel Overseas Private Limited was initiated by an order dated 23.05.2023, and Ms. Veenu Drall was appointed as the Interim Resolution Professional (IRP). A public announcement was made for claims, and Rs. 23,57,15,549/- in claims were admitted from one financial creditor (Punjab National Bank) and two operational creditors. The Committee of Creditors (CoC) was constituted.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against M/s Jewel Overseas Private Limited on 23.05.2023.

Ms. Veenu Drall was appointed as the Interim Resolution Professional (IRP) for M/s Jewel Overseas Private Limited, with IBBI Registration No. IBBI/IPA-001/IP-P02504/2021-22/13816.

The IRP made a public announcement in FORM A on 31.05.2023, and the last date for submitting claims by creditors was 14.06.2023.

Total claims amounting to Rs. 23,57,15,549/- were admitted from one financial creditor and two operational creditors.

The Committee of Creditors (CoC) was constituted, comprising Punjab National Bank (100% vote share) and Department of Trade & Taxes, GNCT of New Delhi (0% vote share).

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## Issues and analysis

### Issue 1: Whether M/s Jewel Overseas Private Limited, the Corporate Debtor, should be ordered to be …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, mandates the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) of M/s Jewel Overseas Private Limited, after multiple

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**Interpretation:** Section 33(2) grants significant power to the CoC to decide on the liquidation

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**Application:** Given that the CoC unanimously resolved to liquidate M/s Jewel Overseas Private

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ANU JAGMOHA…
- **Appellants:** M/s Supreme Eximp…
- **Respondents:** M/s Jewel…
- **Other parties:** Insolvency and…; Liquidation…; +7 more

## Timeline

- **2023-05-23 — CIRP Initiation and IRP…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2023-05-31 — Public Announcement for…**: The IRP made a public announcement in FORM A in two newspapers (Financial Express and…

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