# In the matter of Rakesh Kumar Tulsyan vs. Omkara Asset Reconstruction Pvt. Ltd.

> NCLAT judgment dated 2025-09-24. Citation: TCN-2025-NCLAT-00503. The appeal was filed against an order dated 08.07.2025 passed by the adjudicating authority…

- **Court:** NCLAT
- **Order date:** 24 Sept 2025
- **Citation:** TCN-2025-NCLAT-00503
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rakesh-kumar-tulsyan-vs-omkara-asset-reconstruction-pvt-ltd-757695d1

## Summary

### Background

The appeal was filed against an order dated 08.07.2025 passed by the adjudicating authority (National Company Law Tribunal (NCLT), Mumbai Bench, Court – I), in I.A. No. 717/2025. The application was filed by the appellant, the liquidator seeking a direction praying for certain reliefs regarding liquidation costs and fees.

## Facts

Rakesh Kumar Tulsyan, the liquidator of Vipul S Plastocrafts Pvt. Ltd., filed an application seeking directions for Omkara Asset Reconstruction Pvt. Ltd. to pay liquidation costs.

The liquidation commenced on 23.11.2023.

Assets were auctioned on 11.06.2024 and 24.09.2024.

The adjudicating authority partly allowed the application.

The appellant claimed entitlement to fees in the first 6-month slab, arguing that the first auction was held within 6 months of possession being given to the financial creditor on 08.04.2024.

## Issues and analysis

### Issue 1: Whether the adjudicating authority erred in directing payment of liquidation fees in the second …

**Ratio:** The fee is provided in three columns i.e., “in the first 6 month”, “in the next 6 month”

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**Reasoning:** The period for completion of liquidation is prescribed in the regulation and the period

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**Interpretation:** The commencement of liquidation is the determining factor for the fee slab, not

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**Application:** The adjudicating authority correctly applied the fee slab based on the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Rakesh Kumar…
- **Respondents:** Vipul S Plastocraf…; Omkara Asset…
- **Advocates:** Prakhar T…; Agam H.…; +2 more

## Timeline

- **2025-09-24 — Order Da…**: Order passed by the National Company Law…
- **2025-09-24 — I.A. No. 57…**: Application praying for condonation of 12 days delay in filing of the appeal. Delay…

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