Authority: National Company Law Tribunal, Ahmedabad Bench (Court 2)

Order Date: 06/07/2026

Case Overview

The National Company Law Tribunal (NCLT) Ahmedabad heard two interconnected applications (IA/924(AHM)2024 and IA/460(AHM)2025 in IA/924(AHM)2024) arising from insolvency proceedings against Atrium Infocomm Pvt Ltd (CP(IB) 181 of 2019). The matter involves a dispute between the liquidator and the suspended management regarding possession of the corporate debtor's assets.

The Enforcement Directorate (ED) appeared through counsel Mr. Ankit Shah and submitted that in compliance with previous tribunal orders, they had conducted a meeting with the liquidator. The ED confirmed they have no objection to the liquidator holding charge of the assets until the matter is decided by the PMLA court. The ED also filed written submissions as directed.

The applicant liquidator, Mr. Parag Sheth, represented by Mr. Jaimin Dave and Ms. Hirva Dave, reported that State Bank of India (SBI) has withdrawn the case it had filed before the Hon'ble High Court and that the liquidator has appeared before the PMLA Court as a party. However, the suspended management continues to refuse handing over possession of the property despite the ED's release/no objection.

The counsel for the respondent suspended management, Mr. Mohit Gupta, raised certain objections regarding handing over possession, though the specific nature of these objections is not detailed in the order.

Final Outcome

The tribunal directed the liquidator to file an appropriate application before the PMLA court after obtaining necessary approval from the Stakeholders Consultation Committee (SCC). This application should highlight that despite agreement between the ED and liquidator (as per tribunal orders), and despite the liquidator holding assets with ED's consent, the suspended management is raising objections to handing over possession.

The tribunal further directed the liquidator not to sell any assets until the matter is decided by the adjudicating authority, given the ED's consent in the matter. The liquidator was instructed to take necessary steps within one week to secure possession of the property and to file an appropriate affidavit before the tribunal regarding these actions.

The matter has been listed for further consideration on 22.07.2026.

Topics: Corporate Insolvency, Asset Possession Dispute, PMLA Coordination