Months after parent KSS’ rescue plan cleared, jewellery arm Birla Jewels enters insolvency

The National Company Law Tribunal (NCLT) has admitted Birla Jewels Ltd, the jewellery subsidiary of KSS Ltd (formerly K Sera Sera Ltd), into the corporate insolvency resolution process (CIRP). The admission comes about three months after an appellate tribunal approved a resolution plan for the parent.

Pravin R Navandar has been appointed interim resolution professional (IRP) of Birla Jewels, which runs the ‘Bjewelz’ brand. His public announcement (Form A) asks creditors to file claims by October 20, 2026.

A parent rescued for ₹3 crore

KSS’s own CIRP stretched over three and a half years. NCLT’s Mumbai bench admitted the company into insolvency on January 24, 2023. It acted on a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Micro Capitals Pvt Ltd. The committee of creditors (CoC) had two members: Micro Capitals, with 77.97% of the voting share, and Axis Bank, with 22.03%.

Eight prospective resolution applicants made the final list. Only one submitted a plan, and it was Micro Capitals itself. Its plan offered ₹3.01 crore. The CoC approved it in October 2023, with e-voting closing on November 9. Micro Capitals voted its 77.97% in favour and Axis Bank dissented. In effect, the majority creditor approved its own bid.

In March 2025, NCLT rejected the plan. It cited multiple violations of the Code and its regulations, and several material inconsistencies and deficiencies. Micro Capitals and the resolution professional, Dharmendra Dhelariya, both appealed. On June 30, 2026, the National Company Law Appellate Tribunal (NCLAT) allowed both appeals, set aside the NCLT ruling and approved the plan. It sent the matter back to NCLT only to pass consequential orders.

NCLT did so on August 5. The bench was Lakshmi Gurung (judicial member) and Charanjeet Singh Gulati (technical member). The order:

• lifted the moratorium on KSS;
• confirmed that claims left out of the plan stand extinguished;
• refused exemptions from stamp duty and taxes sought in the plan;
• directed that any recovery from a preferential-transactions application, which NCLT had allowed in August 2025, be dealt with under the plan and as the CoC decides.

A monitoring committee chaired by Dhelariya is overseeing implementation of the plan. On September 28, another bench of the same court, Vinay Goel and Gulati, corrected the August 5 order. The order had named the interim resolution professional as Manoj Kumar Agarwal instead of Dhelariya. In an exchange filing on October 7, KSS said the correction does not alter the plan or its terms.

From a 500-store plan to insolvency

At Bjewelz’s launch, KSS announced large plans:

• 500 outlets across India within three years, mainly through franchisees, starting in Patna;
• more than ₹100 crore of marketing spend;
• a turnover target of ₹6,000 crore within two years.

While launching Birla Jewels retail outlets in 2026, Group chairman Satish Panchariya had said the aim was a place among India’s top three jewellery chains.

Corporate data platforms still list Nikita Rattanshi, who was quoted at the launch as a director, on Birla Jewels’ board, along with Sandip Joshi and Siddharth Kumar. They put the company’s authorised and paid-up capital at ₹1 crore each. According to the Form A, the company was incorporated on May 23, 2011. Birla Jewels’ GST registration and KSS’s filings give the same building as their address: Morya Landmark-II, Andheri West.

Despite the name, Birla Jewels has no apparent connection to the Aditya Birla Group, whose jewellery business is run by Novel Jewels Ltd.

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