# In the matter of Daulat Ram Jain vs. ASL Enterprises Ltd.

> NCLAT judgment dated 2025-05-06. Citation: TCN-2025-NCLAT-00050. The case involves two appeals filed by the liquidator of Adi Ispat Pvt. Ltd. challenging an…

- **Court:** NCLAT
- **Order date:** 6 May 2025
- **Citation:** TCN-2025-NCLAT-00050
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/daulat-ram-jain-vs-asl-enterprises-ltd-21547f58

## Summary

### Background

The case involves two appeals filed by the liquidator of Adi Ispat Pvt. Ltd. challenging an order passed by the National Company Law Tribunal, Kolkata, regarding two applications filed by the liquidator. These applications were related to seeking dissolution of the Corporate Debtor (CD) and recalling a previous order that granted reliefs and concessions to the successful auction purchaser. The liquidator initiated liquidation proceedings and issued an e-auction sale notice for the assets of Adi Ispat Pvt. Ltd. Respondent No. 1 emerged as the successful auction purchaser. After the respondent paid the auction money, the liquidator issued an agreement and a possession letter. Subsequently, the respondent filed an application for reliefs and concessions, which was

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## Facts

Adi Ispat Pvt. Ltd. underwent liquidation, and its liquidator initiated an e-auction for the sale of assets. The sale notice included terms like 'As is Where is Basis,' 'As is What is Basis,' 'Whatever there is Basis,' and 'No Recourse Basis.' Respondent No. 1 emerged as the successful auction purchaser and paid the auction money. The liquidator issued an agreement and possession letter after receiving full consideration. The respondent then filed an application seeking reliefs and concessions, which was initially allowed. Subsequently, the liquidator filed an application for the dissolution of the Corporate Debtor (CD), which was initially allowed but later set aside by the Tribunal. The liquidator filed two applications: one for dissolution under Section 54 of the

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## Issues and analysis

### Issue 1: Whether the adjudicating authority erred in rejecting the liquidator's application for dissolution …

**Ratio:** The statute requires an endeavor to sell the Corporate Debtor as a going concern, and the

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**Reasoning:** The adjudicating authority observed that the decision to sell the corporate debtor as a

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**Interpretation:** This implies that the IBC prioritizes the revival of the Corporate Debtor as a

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**Application:** The adjudicating authority's decision to reject the dissolution application was

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Daulat Ra…
- **Respondents:** Adi Ispat Pvt.…; ASL Enterprises…

## Timeline

- **2022-10-28 — E-auction Sal…**: Liquidator issued an e-auction sale notice for…
- **2024-01-04 — Application for…**: Application for dissolution…

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