Authority: National Company Law Tribunal Allahabad Bench Prayagraj

Order Date: 10th June, 2026

Case Overview

This order pertains to IA No.129/2023 in CP (IB) No.17/ALD/2022, filed by the Liquidator of Garvit Innovative Promoters Limited (Corporate Debtor). The application sought several reliefs against the Economic Offences Wing (EOW), Noida Police Commissioner, primarily concerning assets seized during an investigation into the Corporate Debtor. The Liquidator prayed for directions to the EOW to appear before the tribunal and furnish a status/seizure report of books of accounts, financial records, documents, and assets seized during their probe. It further sought custody and control of all these seized records and assets, full cooperation from the EOW, and security measures to protect the Corporate Debtor's assets from theft or damage during the liquidation process.

The tribunal heard counsel for the Liquidator and the EOW. The admitted stand of the EOW's counsel was that the seized assets, specifically a large number of two-wheelers and four-wheelers, had become case property and had been forwarded to the Court of the Chief Judicial Magistrate, Surajpur, Gautam Buddh Nagar. The Liquidator submitted that these vehicles, acquired through alleged fraudulent financial transactions, constitute the primary assets of the Corporate Debtor. These assets are currently parked at various police stations. The Liquidator argued that without gaining control and custody of these assets, the liquidation process under the Insolvency and Bankruptcy Code (IBC) cannot proceed, preventing the distribution of proceeds to creditors. The tribunal referenced the powers and duties of a liquidator under Sections 35 and 36 of the IBC, which mandate the liquidator to take custody of all assets and property of the corporate debtor to form the liquidation estate.

Final Outcome

The National Company Law Tribunal did not grant the immediate reliefs sought by the Liquidator. Instead, it observed that since the assets were now formally with the Court of the Chief Judicial Magistrate, the appropriate course of action would be for the Liquidator to file a comprehensive application before that court seeking the release of the assets. The tribunal explicitly stated that its remarks should not be construed as an opinion on the merits of any such application. The matter was adjourned to 15th July, 2026.

Topics: Insolvency Proceedings, Asset Custody Dispute, Economic Offences