NCLT Directs Edelweiss ARC Pay Titanum Auction Expenses

Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai

Order Date: June 16, 2026

Case Overview

The matter involves Kerala State Electronics Development Corporation versus Titanum Trantalum Products Ltd under main petition number TP(IBC)/413(CHE)/2017. Two interlocutory applications were heard:

1. IA(IBC)/924(CHE)2026: Filed by the Liquidator seeking directions for the respondent (Edelweiss Asset Reconstruction Company Ltd) to pay expenses amounting to Rs. 5,24,500/- incurred towards valuation of trademark and conducting e-auction of the corporate debtor's assets. The Liquidator provided expense details at page 27 of the application. The Tribunal noted its previous order dated March 27, 2026, which stipulated that auction expenses shall be borne by the financial creditor, who in this case is the sole financial creditor.

2. IA(IBC)(DIS)/8/(CHE)2026: Filed by the Liquidator seeking dissolution of the Corporate Debtor (Titanum Trantalum Products Ltd).

Final Outcome

For application IA(IBC)/924(CHE)2026, the Tribunal directed the respondent (Edelweiss Asset Reconstruction Company Ltd) to pay the expenses amounting to Rs. 5,24,500/- within two weeks from the order date and disposed of the application. For application IA(IBC)(DIS)/8/(CHE)2026, the Tribunal listed the matter for further hearing on July 6, 2026.

Topics: Insolvency Proceedings, Liquidation Expenses, NCLT Order