# Indu Jain (Sole Proprietor of M/s. IB Jewels) vs. Birla Jewels Ltd.

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01164. Indu Jain, sole proprietor of M/s. IB Jewels (Operational Creditor), filed an application under…

- **Court:** NCLT
- **Order date:** 6 Oct 2026
- **Citation:** TCN-2026-NCLT-01164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/birla-jewels-limited-fgaj3

## Summary

### Background

Indu Jain, sole proprietor of M/s. IB Jewels (Operational Creditor), filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Birla Jewels Ltd. (Corporate Debtor) for an unpaid operational debt of Rs. 49,81,921/- arising from the supply of diamond jewellery. The Corporate Debtor disputed the claim, alleging no formal agreement, non-delivery of goods, forged invoices, and a pre-existing dispute under a separate Franchise Agreement with Brij Ratnam, another proprietary concern of Ms. Indu Jain.

## Facts

Ms. Indu Jain, sole proprietor of M/s. IB Jewels, filed a C.P. (IB) No. 3626 of 2019 on 14.10.2019 under Section 9 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Birla Jewels Limited (Corporate Debtor).

The amount claimed in default is Rs. 49,81,921/- for three invoices (No. 017, 018, 019) with respective due dates of 15.08.2019, 19.08.2019, and 19.08.2019, leading to dates of default on 16.08.2019, 20.08.2019, and 20.08.2019.

IB Jewels is engaged in the wholesale trade of diamond jewellery, and Ms. Indu Jain operates two separate proprietary concerns: 'IB Jewels' and 'Brij Ratnam', both with separate GST registrations and bank accounts.

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## Issues and analysis

### Issue 1: Whether the 3 invoices represent an independent operational debt arising from supply of goods by IB …

**Ratio:** The supply of goods by IB Jewels to the Corporate Debtor constitutes an independent

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**Reasoning:** The Hon'ble NCLAT specifically examined the nature of these transactions and held that

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**Interpretation:** The legal principle is that distinct commercial transactions, even if involving

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**Application:** The NCLT applied the NCLAT's finding that the three invoices relate to an

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Indu Jain (Sole…
- **Respondents:** Birla Jewel…
- **Other parties:** Committee of…; Nikita Rat…; +1 more
- **Advocates:** Gopal Mac…; Krusha Mahe…; +4 more

## Timeline

- **2019-10-14 — Application…**: C.P. (IB) No. 3626 of 2019 filed by Ms. Indu Jain (Operational Creditor) under Section 9…
- **2019-08-15 — Invoice Du…**: Due date for Invoice…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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