Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 02 July 2026
Case Overview
The appeal (Comp. App. (AT) (Ins) No. 1145 of 2026) was filed by Garden Court Distilleries Private Limited against an order of the Adjudicating Authority (NCLT) that rejected its Application IA (I.B.C.) 678/2026. The Appellant is the successful auction purchaser in the liquidation sale of Honest Derivatives Ltd. conducted by the liquidator, Mr. Akhil Ahuja, as a going concern. The Application sought certain reliefs, concessions, and exemptions related to the purchase.
The Adjudicating Authority rejected the Application based on amendments made to the Liquidation Regulation 32 through an amendment dated 14 October 2025, which prohibit granting such reliefs and concessions. The Appellant expressed apprehensions that the order might be interpreted as canceling the auction sale in their favor.
Final Outcome
The NCLAT clarified that the impugned order only addressed the Application seeking reliefs and concessions and does not question or set aside the sale in favor of the Appellant. The bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member Technical), admitted the appeal for scrutiny. Parties were directed to file affidavits within two weeks and short submission notes (not exceeding three pages) within one week. The appeal is listed for hearing on 13 July 2026 as a fresh case along with Comp. App. (AT) (Ins) No. 1138 of 2026.
Topics: Insolvency Proceedings, Liquidation Regulation, Auction Sale Dispute