Dear Sir/Madam, Enclosed herewith is copy of Order passed by NCLAT on December 09, 2025.
Awaiting price reaction for this filing.
Goenka Diamond & Jewels, which is undergoing the Corporate Insolvency Resolution Process (CIRP), received an NCLAT order on December 9, 2025. The NCLAT has stayed the directions regarding appointment of a liquidator passed by the NCLT on December 2, 2025, which had rejected the resolution plan and appointed a liquidator. Two appeals were filed — one by the Committee of Creditors (CoC) holding 67.02% voting share, and one by the Successful Resolution Applicant (SRA) — challenging the NCLT's decision. The NCLAT has ordered that the existing Resolution Professional (Sourabh Malpani) will continue to manage the company as a going concern until the next hearing on January 8, 2026. The appeals argue that none of the grounds under Section 30(2) of the IBC were made out for rejecting the CoC-approved plan.
Positive for shareholders — the liquidation of the company has been temporarily halted, giving the resolution plan a chance to be reconsidered. The stock may see relief rallies on the stay, but the situation remains uncertain pending the January 8, 2026 hearing.