Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 17/06/2026
Case Overview
The order addresses two separate applications heard by the same bench.
IA/802(AHM)2026 in IA/573(AHM)2026 (Edelweiss ARC vs. Fortune Assets Pvt Ltd)
This was an application filed by the Suspended Management of Fortune Assets Private Limited seeking rectification of the tribunal's order dated 07.05.2026. The applicant contended that Paragraph No. 5 of that order was included due to an inadvertent error as it pertained to another matter entirely. The tribunal heard the learned counsel for the applicant and perused the records, confirming the clerical mistake.
IA/573(AHM)2026 (Edelweiss ARC vs. Fortune Assets Pvt Ltd)
The Resolution Professional and the counsel for the Suspended Management apprised the tribunal that in compliance with the order dated 07.05.2026, a flex board had been erected at the project site as directed. A meeting was held with the Suspended Management on 31.05.2026, wherein they assured to provide necessary information and documents in due course. The tribunal took the Progress Report and the Report on the Constitution of the Committee of Creditors on record.
IA/758(AHM)2026 in C.P.(IB)/83(AHM)2023 (Saheb Impex vs. Camerich Papers Pvt Ltd)
This application was filed by the Liquidator under Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016. The application sought closure of the liquidation process of Camerich Papers Private Limited consequent upon its successful sale as a going concern. The tribunal took on record the no-objection reply from the Successful Auction Purchaser, the Final Report, and the Compliance Certificate in Form-H.
Final Outcome
For IA/802(AHM)2026, the tribunal allowed the application. Paragraph No. 5 of the order dated 07.05.2026 was deleted, and the order was rectified accordingly. The application was disposed of.
For IA/573(AHM)2026, the tribunal disposed of the application, placing the reports on record for further reference.
For IA/758(AHM)2026, the tribunal allowed the application and closed the liquidation process of Camerich Papers Private Limited. The Liquidator was permitted to retain Rs. 13,36,031.28 (₹13.36 lakh) as a contingency reserve, to be invested in a Fixed Deposit for six months to meet any pending liabilities, claims, or litigation. If no liabilities materialize, this amount with accrued interest is to be distributed amongst stakeholders per Section 53 of the Code. The Liquidator was exempted from filing further quarterly progress reports and was relieved from his duties. The Successful Auction Purchaser was directed to extend all necessary cooperation for any consequential compliances.
Topics: NCLT Order, Liquidation Process, Clerical Rectification