Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 15/06/2026
Case Overview
This application (IA/924(AHM)2026) was filed by the Liquidator of Winsome Diamonds and Jewellery Limited on June 1, 2026, under Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016, Rule 11 of the NCLT Rules, 2016, and Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016. The corporate debtor was ordered into liquidation on September 1, 2020, by the NCLT in IA No. 381 of 2018 in CP (IB) No. 208 of 2017. The current liquidator was appointed on February 14, 2025, via order in IA No. 172 of 2025. The liquidation period had been extended multiple times previously, with the last extension granted on January 5, 2026, expiring on May 10, 2026. The extension was sought primarily because the process relating to the assignment of Not Readily Realisable Assets is under consideration, requiring additional time for approval of the bid proposal, execution of the assignment deed, and completion of the liquidation process. The Stakeholders' Consultation Committee approved the extension request in its 20th meeting held on May 12, 2026.
Final Outcome
The NCLT bench comprising Mr. Shammi Khan (Member Judicial) and Mr. Sanjeev Sharma (Member Technical) allowed the application and extended the liquidation process of Winsome Diamonds and Jewellery Limited for 90 days from May 11, 2026, to August 9, 2026. The tribunal found that the reasons stated in the application justified the extension sought under Regulation 44(2) of the IBBI Regulations.
Topics: Insolvency Proceedings, NCLT Order