In

Company Petition (IB) No. 579/KB/2017

An Application under Section 60(5) of the Insolvency and

Bankruptcy Code, 2016, for brevity “I&B Code” read with Section

429 of the Companies Act, 2013.

IN THE MATTER OF:

Abhishek Stock Broking Services Private Limited & Ors.

… Financial Creditors.

Versus

Shree Ganesh Jewellery House (I) Limited.

… Corporate Debtor (In Liquidation).

And

IN THE MATTER OF:

Anup Kumar Singh

… Applicant/ Liquidator.

Versus

1. Directorate of Revenue Intelligence

2. West Bengal Industrial Development Corporation Limited

3. Assistant Development Commissioner of Falta SEZ

4. Directorate of Enforcement

… Respondents.

Date of Pronouncement: October 17, 2025.

CORAM:

SMT. BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL)

CMDE. SIDDHARTH MISHRA, HON’BLE MEMBER (TECHNICAL)

APPEARANCES:

For the Applicant: Mr. Joy Saha, Sr. Adv.

Mr. Keshav Tibrewalla, Adv.

For Respondent No. 3: Ms. Shreya Choudhary, Adv.

For the ED: Mr. Phiroze Edulji, Sr. Adv.

Ms. Anamika Pandey, Adv.

Mr. Ghanshyam Pandey, Adv.

In Company Petition (IB) No. 579/KB/2017

ORDER

Per Cmde. Siddharth Mishra, Member (Technical):

1. The Court congregated through a hybrid mode.

2. Heard the Learned Senior Counsels/ Counsels for the parties.

3. By way of this application, the liquidator of the corporate debtor (“Applicant” herein) has sought for the following reliefs:

a) A request in writing be made through the Registrar of this Adjudicating Authority to the Chief Metropolitan Magistrate and the Chief Judicial Magistrate of the district within which the assets of the corporate debtor, as described in the application, are situated for such authorities to take possession of the said assets and properties and cause the same to be entrusted to the applicant – liquidator.

b) Necessary direction for police helps and other administrative assistance be passed by this Tribunal.

c) Ad-interim order.

d) Such further and/or other order(s) be passed as may be deemed fit and proper.

4. The subject assets of the corporate debtor as sought for taking possession in the prayers are as under:

4.1. Immoveable assets located with Manikanchan Special Economic Zone (“Manikanchan SEZ”):

In Company Petition (IB) No. 579/KB/2017

4.2. Moveable assets: Gold and unfinished jewellery seized by the Directorate of Revenue Intelligence, respondent no. 1 as per the inventory cum seizure list dated 23.02.2018.

Factual Matrix:

5. The corporate debtor – Shree Ganesh Jewellery House (I) Ltd. was admitted into CIRP on 12.02.2018 and was put into liquidation on 14.09.2018. The assets of the corporate debtor have been seized initially by Customs and Revenue Authorities including the respondent no. 1 – Directorate of Revenue Intelligence, and subsequently by the Directorate of Enforcement (“ED”/ respondent no. 4).

6. The present application of the liquidator is for the enforcement of the previous orders passed by this Adjudicating In Company Petition (IB) No. 579/KB/2017 Authority on 23.04.2019 in Misc. A. (I.B.) No. 21 and 22 of 2019, wherein this Tribunal has ordered that both the Manikanchan SEZ (“Manikanchan Properties”) and the gold and unfinished jewellery (“Seized gold”) seized by respondent no. 1 – Directorate of Revenue Intelligence be handed over to the liquidator herein.

7. The said order of this Adjudicating Authority has been challenged before the Hon’ble NCLAT and Hon’ble NCLAT on 17.10.2022 in Company Appeal (AT) (Insolvency) No. 796 of 2019 & in I.A. No. 970 & 971 of 2020 and in Company Appeal (AT) (Insolvency) No. 1230 of 2022 & in I.A. No. 3752 of 2022, has dismissed the appeal on merits and upheld our orders passed on

23.04.2019.

8. The decisions of the Hon’ble NCLAT have been assailed higher up by the Directorate of Revenue Intelligence and on 07.08.2023, in Dairy No. 5255 of 2023 the Hon’ble Apex Court dismissed the appeal on the ground of delay.

9. On 10.08.2023, this Adjudicating Authority directed the respondents herein to handover the possession of the Manikanchan Properties and the Seized Gold to the liquidator. This Bench ordered th