P & S Jewellery Ltd.

This application has been filed by the Union Bank of India on behalf of the Members of the SCC for replacement of the Liquidator.

It is submitted that the Liquidator had submitted his resignation on 27^th September, 2024 in the 20^th SCC Meeting. The same was considered by the SCC in the 21^st SCC Meeting held on 17^th December, 2024. It is submitted that the agenda for acceptance of the earlier Liquidator’s resignation and appointment of new Liquidator was considered in the 22^nd SCC Meeting held on 17^th October, 2025. Thereafter, the voting was concluded on 3^rd November, 2025. The SCC Members by 91.83 percent voting share have approved the appointment of Mr. S. Gopalkrishnan as the Liquidator of the Corporate Debtor who has given his written consent to act as Liquidator and also has a valid AFA up to 31^st December, 2025.

We, therefore, appoint Mr. S. Gopalkrishnan as the Liquidator of the Corporate Debtor. However, before parting with the order, we take note of the time of more than one year taken by SCC members to accept the resignation of the earlier Liquidator and to appoint a new Liquidator, which requires introspection by the SCC. Copy of this order be forwarded to IBBI with specific reference to paragraph Nos.2 & 3 of this order. With the above observation, IA 5594/2025 is allowed and disposed of.