Authority: National Company Law Tribunal, New Delhi Bench, Court-III
Order Date: 09.06.2026
Case Overview
The National Company Law Tribunal (NCLT) heard an application filed by Mr. Mohan Lal Jain, the Liquidator of Pitambara Business Promotions Private Limited, seeking dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016. The case originated from an operational insolvency application filed by Montage Enterprises Private Limited under Section 9 of IBC, which was admitted on 23.12.2022. The Corporate Debtor was subsequently ordered into liquidation on 30.05.2023 with Mr. Mohan Lal Jain appointed as Liquidator.
The liquidation process involved public announcements in Financial Express and Jansatta newspapers on 03.06.2023 calling for claims. Only one claim was received and admitted from Montage Enterprises Private Limited for Rs 16,67,12,353.00 as an operational creditor. A Stakeholders' Consultation Committee was constituted, and six meetings were held between 07.06.2023 and 02.05.2024.
The Liquidator conducted two e-auction processes. The first attempt to sell the business as a going concern at a reserve price of INR 96,91,000 received no interest. The second e-auction for assets (trade receivables and computers) at a reserve price of INR 1,00,02,000 attracted one bidder, High Growth Credit Services Limited, which was declared the successful bidder. The sale was completed through an Assignment Deed & Sale Certificate executed on 02.03.2024.
The Tribunal raised specific concerns regarding a GST Show Cause Notice (F.No. DGGI/INV/GST/1757/2021/GRU/3822(S/L) dated 30.07.2024) demanding Rs 100,20,81,391.00, asset recovery actions, investigation into preferential/undervalued/fraudulent/extortionate transactions, and valuation disclosure. The Liquidator provided detailed responses through an affidavit dated 08.12.2025, explaining that the GST demand was unenforceable due to moratorium provisions under IBC, citing NCLAT precedent in Commissioner of State Tax Department vs Ramchandra Dallaram Chaudhary.
Final Outcome
The NCLT allowed the dissolution application and ordered the dissolution of Pitambara Business Promotions Private Limited under Section 54 of IBC. The Liquidator was directed to serve the order upon the Registrar of Companies, NCT of Delhi and Haryana within fourteen days and stands discharged from his responsibilities subject to procedural compliances. The dissolution does not discharge directors, shareholders, or other persons from any liability under applicable laws, and statutory authorities remain at liberty to initiate or continue proceedings against them.
Topics: Corporate Insolvency, Liquidation Process, GST Claims in Insolvency