National Company Law Tribunal orders liquidation of Kohinoor Diamonds Pvt. Ltd. The National Company Law Tribunal, Ahmedabad, ordered the liquidation of Corporate Debtor, M/s. Kohinoor Diamonds Pvt. Ltd, appointing Mr. Amit Gupta as ...
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National Company Law Tribunal orders liquidation of Kohinoor Diamonds Pvt. Ltd.
The National Company Law Tribunal, Ahmedabad, ordered the liquidation of Corporate Debtor, M/s. Kohinoor Diamonds Pvt. Ltd, appointing Mr. Amit Gupta as the Liquidator in place of the Resolution Professional. The Committee of Creditors recommended liquidation due to the absence of a resolution plan within the CIRP period. With over 89% of COC members in favor, the Tribunal approved the liquidation, directing the Liquidator to proceed as per the Insolvency and Bankruptcy Code.
Issues: Liquidation of Corporate Debtor, Appointment of Liquidator
The judgment delivered by the National Company Law Tribunal, Ahmedabad, involved an application filed under sections 33(1) and 33(2) of the Insolvency and Bankruptcy Code. The main prayers sought were for the liquidation of the Corporate Debtor, M/s. Kohinoor Diamonds Pvt. Ltd, and the appointment of Mr. Amit Gupta as the liquidator in place of the current Resolution Professional, Mr. Anshuman Chaturvedi. The Committee of Creditors (COC) decided in its fifth meeting to recommend liquidation as no resolution plan was received. The COC also resolved to appoint Mr. Amit Gupta as the liquidator. The application highlighted that the 180-day period for the Corporate Insolvency Resolution Process (CIRP) was ending soon, and the COC decided not to extend the period. The Tribunal examined the application, considered the grounds presented, and noted that over 89% of the COC members favored the liquidation process. Consequently, the Tribunal, acting as the Adjudicating Authority, ordered the liquidation of the Corporate Debtor, M/s. Kohinoor Diamonds Pvt. Ltd. It appointed Mr. Amit Gupta as the Liquidator under section 34(1) of the Code and directed the Liquidator to make a public announcement regarding the liquidation and inform the Registrar of Companies (ROC) where the Corporate Debtor is registered. The Liquidator was instructed to act in accordance with section 35 of the Insolvency and Bankruptcy Code, subject to further directions from the Authority. The application was allowed, and the matter was disposed of accordingly.
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