Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 15/06/2026
Case Overview
This application was filed by the Liquidator under Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016, seeking extension of time for completion of the liquidation process of Forever Precious Jewellery & Diamonds Limited. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process on February 13, 2018, and subsequently ordered into liquidation on September 1, 2020, in IA No. 334 of 2018 in CP(IB) No. 207 of 2017. The liquidation period had been extended multiple times previously, with the last extension expiring on May 31, 2026. The Liquidator pleaded that the NRRA auction process is at an advanced stage and requires additional time for finalization of the bid process, assignment deed, and completion of the liquidation process. The Stakeholders' Consultation Committee, in its 23rd meeting held on May 29, 2026, resolved to seek extension of the liquidation period for 90 days from June 1, 2026, to August 30, 2026.
Final Outcome
The NCLT allowed the application and extended the liquidation process of Forever Precious Jewellery & Diamond Ltd for a period of 90 days from June 1, 2026, to August 30, 2026. The tribunal found that the reasons stated in the application justified the extension sought under Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016.
Topics: Insolvency Proceedings, Liquidation Extension, NCLT Order