# Arvind Garg (Liquidator of Moser Baer Solar Limited) vs. JFC Finance (India) Limited

> NCLAT judgment dated 2026-09-21. Citation: TCN-2026-NCLAT-00297. The Liquidator of Moser Baer Solar Limited, Arvind Garg, filed I.A. No. 4727 of 2026 seeking…

- **Court:** NCLAT
- **Order date:** 21 Sept 2026
- **Citation:** TCN-2026-NCLAT-00297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/arvind-garg-vs-jfc-finance-india-limited-bnzvr

## Summary

### Background

The Liquidator of Moser Baer Solar Limited, Arvind Garg, filed I.A. No. 4727 of 2026 seeking clarification of Para 56(iv) of the Tribunal's judgment dated 29.05.2026. The clarification pertained to the refund of Rs. 54 crore deposited by JFC Finance (India) Limited, the second highest bidder in a fresh e-auction. The Liquidator requested to keep the refund in abeyance until the highest bidder remitted the full sale consideration.

## Facts

I.A. No. 4727 of 2026 was filed by Arvind Garg, Liquidator of Moser Baer Solar Limited, seeking clarification of the judgment passed by the NCLAT in CA(AT)(Ins) No. 1820 of 2025 dated 29.05.2026, specifically Para 56(iv).

The clarification sought pertains to the refund of a deposit of Rs. 54 crore made by JFC Finance (India) Limited.

A fresh e-auction was conducted on 01.07.2026 by the Liquidator, pursuant to the Tribunal's directions.

In the fresh e-auction, a Highest Bidder (H1) emerged with a bid value of Rs. 168 crore.

JFC Finance (India) Limited emerged as the second highest bidder (H2) with a bid of Rs. 167 crore.

The H1 bidder is yet to remit the entire sale consideration of Rs. 168 crore, with time allowed till 30.09.2026.

…

## Issues and analysis

### Issue 1: Whether the Liquidator's application for clarification of Para 56(iv) of the judgment dated …

**Ratio:** A Tribunal cannot review or modify its judgment under the pretext of clarification,

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**Reasoning:** The Tribunal found that Para 56(iv) of its judgment dated 29.05.2026 unambiguously

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**Interpretation:** The term 'clarification' is strictly interpreted to mean removing ambiguity,

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**Application:** The Liquidator's application was rejected because the Tribunal found no

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## Parties

- **Judges:** Barun Mitra…; Yogesh Khanna…
- **Appellants:** Arvind Garg…; ARVIND…
- **Respondents:** Moser Baer Solar…; JFC FINANCE…
- **Advocates:** Mansummer…; Jaismeen…; +5 more

## Timeline

- **2025-04-08 — Original E-auction Set…**: The e-auction of the Corporate Debtor-MBSL conducted by the Liquidator on this date was…
- **2026-05-29 — Tribunal's Judgment in…**: Judgment passed by the Tribunal in CA(AT)(Ins) No. 1820 of 2025, containing Para 56(iv)…

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