# In the matter of

> NCLAT judgment dated 2026-01-16. Citation: TCN-2026-NCLAT-00029. The appeal was filed against the order dated 04.11.2025 in IA No. 581/Ahm/2025, where the…

- **Court:** NCLAT
- **Order date:** 16 Jan 2026
- **Citation:** TCN-2026-NCLAT-00029
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/879f11c2

## Summary

### Background

The appeal was filed against the order dated 04.11.2025 in IA No. 581/Ahm/2025, where the Adjudicating Authority allowed Axis Bank's IA and directed the Liquidator to hand over the possession of the secured assets to Axis Bank.

## Facts

The appeal was filed against the order dated 04.11.2025 in IA No. 581/Ahm/2025.

The Adjudicating Authority allowed the IA filed by Axis Bank.

The Adjudicating Authority directed the Liquidator to handover the possession of the secured assets to the Axis Bank.

The liquidator requested Axis Bank to share the liquidation cost.

The liquidator took the stand that assets are part of the liquidation estate due to non-payment of liquidation cost.

The Adjudicating Authority forwarded the copy of the order to the IBBI to take cognizance of the conduct of the liquidator.

The Adjudicating Authority allowed the application with directions which are not being objected and only prayer is confined with regard to directions contained in paragraph-10.

…

## Issues and analysis

### Issue 1: Whether the directions issued in paragraph-10 …

**Ratio:** The court is of the view that in the facts of the present case, the directions issued in

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**Reasoning:** The directions in paragraph-10 relate to forwarding the order copy to the IBBI to take

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**Interpretation:** The court interprets that the directions in paragraph-10 are not necessary in

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**Application:** The court dismisses the appeal subject to the deletion of the direction in

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Arvind Gaudana,…; AXIS…
- **Respondents:** Spel Gr…; Axis Ban…
- **Other parties:** Arvind Ga…
- **Advocates:** Arjun S…; Somya…; +2 more

## Timeline

- **2026-01-16 — Hearing…**: Counsel for the appellant…
- **2025-11-04 — Order Da…**: Order passed by the Adjudicating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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