Court Dismisses Phoenix Arc Appeal, Rs63.6 Cr

Authority: Supreme Court of India (Civil Appellate Jurisdiction)

Order Date: 5 August 2026

Case Overview

• Parties: Phoenix Arc Pvt. Ltd (appellant) vs. Kuldeep Verma & others (respondents); Respondent No.10 is the successful auction purchaser.
• Background: The asset in dispute was put to auction 1½ years prior, with Respondent No.10 paying Rs 63.6 crore to the liquidator.
• The appellant challenged the decision of the National Company Law Appellate Tribunal (NCLAT), alleging errors of law.
• Counsel appearing: Senior Counsel Mr. Neeraj Kishan Kaul for the appellant; various senior counsels for respondents and the liquidator.
• The Court examined the NCLAT order and found no error of law in its dismissal of the appellant’s earlier appeal.

Final Outcome

• The appeal is dismissed.
• Title deeds and related documents in the appellant’s possession are to be handed over to Respondent No.10 at the earliest.
• The liquidator shall execute a conveyance deed in favour of Respondent No.10.
• All pending applications, if any, are disposed of.

Topics: Insolvency, Court Proceedings