Authority: National Company Law Tribunal, Ahmedabad Court-2
Order Date: 17/06/2026
Case Overview
This matter is a contempt petition (Cont.Pet./8(AHM)2024) filed within an interlocutory application (IA/679(AHM)2022) in the main insolvency proceeding (CP(IB)/240(AHM)2021). The proceedings are under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant is Hitesh Kumar Suresh Kumar Gaijar, Proprietor of Rich Relies, who is the operational creditor. The corporate debtor is Map Refoils India Ltd, which is undergoing liquidation. The liquidator, Mr. Vikash G. Jain, reported that physical possession of the corporate debtor's assets had been taken over the previous day (June 16, 2026). Members of the suspended management (R-1, R-2, R-3) were also present online for the hearing.
Final Outcome
The tribunal issued specific directives to the liquidator. He was ordered to convene a meeting of the Stakeholders Consultation Committee (SCC) within 7 days. He must also file an affidavit on record, served to all other sides, within two weeks. This affidavit must contain complete details and a list of all assets of the corporate debtor that have been taken into his possession. The purpose is to appraise the SCC of developments and determine if the current contempt petition requires further adjudication. The matter has been adjourned and is listed for further consideration on July 1, 2026.
Topics: NCLT Order, Corporate Insolvency, Liquidation Process