Authority: National Company Law Tribunal, Court-V, Mumbai Bench
Order Date: 09 June 2026
Case Overview
This matter concerns an application (IA/1608/2026) filed by the Liquidator of Pandhe Infracons Pvt Ltd to place on record his 11th Progress Report for the quarter ending 31 March 2026. The insolvency proceedings were initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Union Bank of India as financial creditor. Liquidation was directed vide order dated 11 August 2023, meaning approximately 2 years and 10 months have elapsed since liquidation began.
The Tribunal noted significant concerns regarding the lack of progress in the liquidation process. The Liquidator had failed to appear despite previous orders requiring his presence, including an order dated 23 April 2026 where counsel was unable to answer queries and technical issues prevented proper appearance.
Key assets include 10 plots of the Corporate Debtor located in Shelu and Damat areas of Raigad and Karjat Districts. Six auction attempts have been made for these plots, but no earnest money deposit (EMD) has been received from any bidder. The last auction occurred on 30 September 2025, and nearly 9 months have passed without further progress. The Liquidator is currently in the process of getting these plots revalued to ascertain their correct market value.
Regarding the Gulmohar Project, the legal counsel submitted that the project is being completed by the homebuyers themselves, and this process is currently underway.
Final Outcome
The Tribunal directed the Liquidator to complete the liquidation proceedings within the extended time previously granted. The progress report was taken on record, and the application was allowed and disposed of with no further orders to be passed. The practical consequence is that the Liquidator must expedite the asset realization process and conclude the liquidation within the stipulated timeframe.
Topics: Insolvency Proceedings, Asset Liquidation, NCLT Oversight