# ASREC India Limited vs. Kamal Agarwal & Ors.

> NCLAT judgment dated 25 Mar 2026. Citation: TCN-2026-NCLAT-00080. This appeal was filed by ASREC India Limited, a member of the Committee of Creditors (CoC)…

- **Court:** NCLAT
- **Order date:** 25 Mar 2026
- **Citation:** TCN-2026-NCLAT-00080
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/asrec-india-limited-vs-kamal-agarwal-ors-3832ee5a

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in not appointing the liquidator proposed by the Committee …

**Ratio:** The validity of a liquidator's Authorization for Assignment (AFA) must be in effect on

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**Reasoning:** The Adjudicating Authority's order was passed on 29.01.2026. On this date, the AFA of the

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**Interpretation:** The Tribunal interpreted the requirement for a valid AFA strictly, holding that

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**Application:** Since the proposed liquidator's AFA was not valid on 29.01.2026, the

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## Parties

- **Judges:** Ashok Bhushan…; Barun Mitra…
- **Appellants:** Asrec (India)…
- **Respondents:** M/s. Torque…; Kamal Agarwal &…
- **Other parties:** Insolvency and…; Liquidation…; +6 more
- **Advocates:** Kunal God…; Kinjal C…; +4 more

## Timeline

- **2025-12-31 — Expiry o…**: The Authorization for Assignment (AFA) of the liquidator proposed by the Committee of…
- **2026-01-29 — Adjudicating Authority's…**: The Adjudicating Authority passed an order. In this order, it did not appoint the…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/asrec-india-limited-vs-kamal-agarwal-ors-3832ee5a