COURT III IN CP/(IB)/463/MB/C-III/2022 Under Section 33 of Insolvency &

Bankruptcy Code, 2016 Filed by Hirachand Nemichand Bafna Resolution Professional, Having its registered office at: 21A, 1^st Floor, Soni Bhavan, 47/51, Kalbadevi Road, Mumbai- 400002 …Applicant In the matter of Trau Bros, N.V.

Having its registered office at: Hoveniersstraat, 53, Box 121, Antwerp

2018, Belgium.

…Operational Creditor Versus DRD Gems LLP, Having registered office at: 137, 4^th Floor, Samrat Ashok CHS-3 7RR Thakkar Marg, Malabar Hill, Mumbai- 400006 …Corporate Debtor Order pronounced on 07.02.2024 Coram:

Ms. Lakshmi Gurung, Hon’ble Member (Judicial)

Shri. Charanjeet Singh Gulati, Hon’ble Member (Technical)

Appearance:

For the Resolution Professional: Adv. Sankalp Anantwar Per corum

ORDER

1. The above application is filed by Resolution Professional, Hirachand Nemichand Bafna under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called as “the Code”)

praying for following reliefs:

a. This Hon’ble Tribunal may be pleased to pass an order for Liquidation of the Corporate Debtor under Section 33(2) r/w any other provisions of the Insolvency and Bankruptcy Code, 2016 b. Any other and further reliefs as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the present case and in the interest of justice.

2. Vide order dated 06.12.2022 the Corporate Insolvency Resolution Process (hereinafter referred as “CIRP”) was initiated against Corporate Debtor in Company Petition No. 463 of 2022 filed by Operational Creditor under Section 9 of the Code. The applicant herein was appointed as the Interim Resolution Professional (IRP)

of the Corporate Debtor by this Tribunal.

3. In compliance with Section 13, 15 and other applicable sections of the Code, the Applicant made a public announcement dated 10.12.2022 intimating the commencement of CIRP against the Corporate Debtor and calling the creditors of the Corporate Debtor to submit their claims outstanding as on Insolvency date along with proof and published the same in one English and one Marathi newspaper i.e. Business Standard and Pudhari newspapers respectively. As per the public announcement dated 10.12.2022 and publication dated 12.12.2022 last date of filing claims was

23.12.2022.

4. The applicant did not receive any claim against the Corporate Debtor till 23.12.2022. The applicant vide email dated 29.12.2022 submitted a report before this Tribunal certifying non-constitution of COC with a copy to IBBI.

5. The Applicant states that, since the Applicant had not received any claim till the last date of submitting the claim, i.e. 23 December, 2023, the Applicant filed an Interlocutory Application No. 478 of 2023 on 9^th January, 2023 before this Tribunal under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking directions from this Tribunal.

6. Applicant has also filed an Interlocutory Application No. 425 of

2023 on 31 January, 2023 under Section 19(2) of the Code before this Tribunal for non-co-operation by suspended directors of the Corporate Debtor.

7. The Applicant has received claim from only one creditor, i.e., the Operational Creditor. Accordingly, CoC was constituted of only one member, i.e., Trau Bros, N.V. The same was duly intimated by the Applicant to this tribunal and the IBBI vide email dated 8th March, 2023.

8. Thereafter, the Applicant convened the 1^st CoC meeting on 17 March, 2023. Further, the Applicant informed the CoC that the Corporate Debtor is not doing any business since the Financial Year 2020-21 and as per the partial details received from the Corporate Debtor, the Applicant identified that there are no fixed assets. Further, the Applicant had appointed Government Approved Valuer to ascertain the value of stock of the Corporate Debtor and the valuer has valued Rough Diamonds worth INR

60,000/-.

9. The Applicant also consented to be appointed as a Resolution Professional for seamlessly carrying out the CIRP process. The CoC requested the Applican