# Debashis Nanda, Liquidator Of Chamber Constructions Private Limited vs. Stakeholders' Consultation Committee

> NCLAT judgment dated 2026-10-07. Citation: TCN-2026-NCLAT-00310. The Appellant, Debashis Nanda, Liquidator of Chamber Constructions Private Limited (Corporate…

- **Court:** NCLAT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLAT-00310
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/debashis-nanda-vs-gokul-anil-kumar-the-suspended-direct-ru7bb

## Summary

### Background

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

…

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether, for the purposes of the saving clause in the IBBI (Liquidation Process) (Second Amendment) …

**Ratio:** Liquidation by sale as a going concern commences on the date the Adjudicating Authority

…

**Reasoning:** The NCLAT relied on its previous three-member bench decision in `Garden Court (supra)`,

…

**Interpretation:** The expression 'commenced' in the saving clause of the Amendment Regulations

…

**Application:** In the present case, the CoC's unanimous decision to liquidate and recommend a

…

## Parties

- **Judges:** Mohammad Faiz…; Naresh Salecha…
- **Appellants:** DEBASHIS…; Liquidator Of…
- **Respondents:** Chamber Constructi…; Stakeholders…
- **Other parties:** Committee of…; Gokul Anil…
- **Advocates:** Sumant…; Sarthak B…; +5 more

## Timeline

- **2020-08-31 — CoC Resolution for Liquidation and…**: The Committee of Creditors (CoC), in its 7th Meeting, unanimously resolved with 100%…
- **2024-02-21 — Liquidation Order by…**: The Adjudicating Authority passed the 'Liquidation Order' in I.A. No. 2471 of 2020,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

---

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/debashis-nanda-vs-gokul-anil-kumar-the-suspended-direct-ru7bb