This appeal was filed by ASREC India Limited, a member of the Committee of Creditors (CoC) for Torque Automotive Pvt. Ltd., against an order dated 29.01.2026 passed by the Adjudicating Authority. The appellant challenged the Adjudicating Authority's decision not to appoint the liquidator proposed by the CoC. The Adjudicating Authority had appointed an alternative liquidator, Pankaj Prabhudayal Goenka, citing that the Authorization for Assignment (AFA) of the CoC's proposed liquidator was valid only until 31.12.2025 and had not been revalidated or renewed at the time of the order.
ASREC India Limited, a Member of Committee of Creditors for Torque Automotive Pvt. Ltd., filed an appeal against an order dated 29.01.2026 passed by the Adjudicating Authority.
The Adjudicating Authority's order was challenged because it did not appoint the liquidator proposed by the Committee of Creditors (CoC).
The Adjudicating Authority appointed Pankaj Prabhudayal Goenka as the Liquidator, stating that the AFA (Authorization for Assignment) of the CoC's proposed liquidator was valid only until 31.12.2025 and was not revalidated or renewed at the time of its order.
The AFA for the liquidator proposed by the CoC was revalidated on 12.02.2026, which was after the Adjudicating Authority's order dated 29.01.2026.
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The Authorization for Assignment (AFA) of the…
The Adjudicating Authority passed an order.…
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This appeal was filed by ASREC India Limited, a member of the Committee of Creditors (CoC) for Torque Automotive Pvt. Ltd., against an order dated 29.01.2026 passed by the Adjudicating Authority. The appellant challenged the Adjudicating Authority's decision not to appoint the liquidator proposed by the CoC. The Adjudicating Authority had appointed an alternative liquidator, Pankaj Prabhudayal Goenka, citing that the Authorization for Assignment (AFA) of the CoC's proposed liquidator was valid only until 31.12.2025 and had not been revalidated or renewed at the time of the order.
ASREC India Limited, a Member of Committee of Creditors for Torque Automotive Pvt. Ltd., filed an appeal against an order dated 29.01.2026 passed by the Adjudicating Authority.
The Adjudicating Authority's order was challenged because it did not appoint the liquidator proposed by the Committee of Creditors (CoC).
The Adjudicating Authority appointed Pankaj Prabhudayal Goenka as the Liquidator, stating that the AFA (Authorization for Assignment) of the CoC's proposed liquidator was valid only until 31.12.2025 and was not revalidated or renewed at the time of its order.
The AFA for the liquidator proposed by the CoC was revalidated on 12.02.2026, which was after the Adjudicating Authority's order dated 29.01.2026.
…The Authorization for Assignment (AFA) of the…
The Adjudicating Authority passed an order.…
Sign in to view related legal provisions.