Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 02 July 2026
Case Overview
The appeal was filed by State Bank of India (Appellant) against Garden Court Distilleries Pvt. Ltd. & Anr. (Respondents) regarding Comp. App. (AT) (Ins) No. 1138 of 2026. The appellant, State Bank of India, is the successful auction purchaser in the sale conducted by the liquidator of Garden Court Distilleries Pvt. Ltd. as a going concern. SBI had filed Application IA (I.B.C.) 678/2026 before the Adjudicating Authority (NCLT) seeking certain reliefs, concessions and exemptions. The Adjudicating Authority rejected this application through an impugned order, observing that no relief and concession can be granted in view of the amendments made in the Liquidation Regulation 32 by amendment dated 14/10/2025. The appellant expressed apprehensions that the order might be interpreted as cancelling their auction sale.
Final Outcome
The NCLAT clarified that the impugned order was passed only on the Application IA (I.B.C) 678/2026 seeking relief and concessions and cannot be read as any order questioning or setting aside the sale in favor of the Appellant. The appellate tribunal admitted the appeal for further scrutiny, directing parties to file affidavits within two weeks and short notes of submission (not more than three pages) within a week. The appeal is listed for hearing on 13/07/2026 as a fresh case along with Comp. App. (AT) (Ins) No. 1145 of 2026.
Topics: Insolvency Proceedings, Liquidation Regulations, Banking Sector