The Appellant, Debashis Nanda, Liquidator of Chamber Constructions Private Limited (Corporate Debtor), filed an appeal against an order dated 03.07.2026 by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The NCLT had dismissed the Liquidator's application seeking an extension of time and directions to complete the sale of the Corporate Debtor as a going concern. The NCLT's reasoning was that the process of sale as a going concern had not 'commenced' before the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025, came into force on 14.10.2025. The Committee of Creditors (CoC) had, in its 7th Meeting on 31.08.2020, unanimously resolved to liquidate the Corporate Debtor and recommended, under Regulation 39C of the
…Debashis Nanda, Liquidator of Chamber Constructions Private Limited (Corporate Debtor), filed an appeal against an NCLT order dated 03.07.2026.
The NCLT order dismissed the Liquidator's application for extension of time and permission to sell the Corporate Debtor as a going concern.
The NCLT held that the sale process had not commenced before the IBBI (Liquidation Process) (Second Amendment) Regulations, 2025, came into force on 14.10.2025.
The Corporate Debtor is the Corporate Guarantor of RNA Corp Private Limited (Principal Borrower).
No viable resolution plan was received for the Corporate Debtor during its CIRP.
In its 7th Meeting on 31.08.2020, the CoC unanimously resolved to liquidate the Corporate Debtor under Section 33(2) of the Code.
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The Committee of Creditors (CoC), in its 7th…
The Adjudicating Authority passed the…
The Appellant, Debashis Nanda, Liquidator of Chamber Constructions Private Limited (Corporate Debtor), filed an appeal against an order dated 03.07.2026 by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The NCLT had dismissed the Liquidator's application seeking an extension of time and directions to complete the sale of the Corporate Debtor as a going concern. The NCLT's reasoning was that the process of sale as a going concern had not 'commenced' before the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025, came into force on 14.10.2025. The Committee of Creditors (CoC) had, in its 7th Meeting on 31.08.2020, unanimously resolved to liquidate the Corporate Debtor and recommended, under Regulation 39C of the
…Debashis Nanda, Liquidator of Chamber Constructions Private Limited (Corporate Debtor), filed an appeal against an NCLT order dated 03.07.2026.
The NCLT order dismissed the Liquidator's application for extension of time and permission to sell the Corporate Debtor as a going concern.
The NCLT held that the sale process had not commenced before the IBBI (Liquidation Process) (Second Amendment) Regulations, 2025, came into force on 14.10.2025.
The Corporate Debtor is the Corporate Guarantor of RNA Corp Private Limited (Principal Borrower).
No viable resolution plan was received for the Corporate Debtor during its CIRP.
In its 7th Meeting on 31.08.2020, the CoC unanimously resolved to liquidate the Corporate Debtor under Section 33(2) of the Code.
…The Committee of Creditors (CoC), in its 7th…
The Adjudicating Authority passed the…