Authority: Supreme Court of India

Order Date: 06-08-2026

Case Overview

  • Petitioners: Rare Asset Reconstruction Ltd.
  • Respondents: BS Limited (in liquidation) and others.
  • The appeal arises from the impugned final judgment and order dated 08-12-2025 in CA(AT)(CH) No. 607/2025 passed by the National Company Law Appellate Tribunal, Chennai.
  • Petition seeks permission to file additional documents/facts/annexures (IA No. 32523/2026).
  • Counsel for petitioner: Ms. Nina R. Nariman and a team of advocates.
  • The liquidator has been discharged as the company has been sold as a going concern.

Court Orders

1. The Court heard counsel for the appellant.

2. It was noted that the liquidator is discharged following the sale of the company as a going concern.

3. The appellant is directed to implead other financial creditors as party respondents, including the secured creditors.

4. The secured creditors to be impleaded are:

  • State Bank of India, Stressed Assets Management Branch‑II, Hyderabad.
  • Punjab National Bank, Stressed Assets Management Branch, Chennai.
  • IDBI Bank Limited, NPA Management Group, Hyderabad.
  • Canara Bank, Stressed Assets Management Branch, Secunderabad.
  • Bank of Maharashtra, Stressed Assets Management Branch, Hyderabad.
  • Asset Reconstruction Company (India) Limited, Mumbai.

5. The cause title shall be amended accordingly; the Registry shall issue notice to the newly impleaded respondents, returnable within two weeks.

6. Dasti service is permitted.

7. The appeal pending before the NCLAT is scheduled for 12.08.2026.

8. The Court allows the learned counsel to request the NCLAT to defer its hearing until this matter is decided.

9. The matter is listed for further hearing on 09.09.2026.

Final Outcome

  • The Supreme Court orders the impleadment of six listed secured creditors, amendment of the cause title, issuance of notices to the new respondents, and permits Dasti service.
  • The Court permits a request to the NCLAT to defer its scheduled hearing of 12 Aug 2026 until the present matter is resolved.
  • The case is listed for further hearing on 9 Sep 2026.

Topics: Insolvency, Financial Creditors