# RAVIKUMAR GAURISHANKAR PATEL vs. GAJESH LABHCHAND JAIN, Liquidator of Talwalkars Better Value Fitness Limited

> NCLAT judgment dated 2026-09-03. Citation: TCN-2026-NCLAT-00255. Ravikumar Gaurishankar Patel (Appellant), the Successful Auction Purchaser of Talwalkars…

- **Court:** NCLAT
- **Order date:** 3 Sept 2026
- **Citation:** TCN-2026-NCLAT-00255
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ravikumar-gaurishankar-patel-vs-gajesh-labhchand-jain-liquidator-of-talwalkars-b-elz0m

## Summary

### Background

Ravikumar Gaurishankar Patel (Appellant), the Successful Auction Purchaser of Talwalkars Better Value Fitness Ltd. (Corporate Debtor), appealed an NCLT order dated 26.02.2026. The Corporate Debtor entered Corporate Insolvency Resolution Process (CIRP) on 11.01.2021, which failed, leading to liquidation on 28.04.2022, with Gajesh Labhchand Jain appointed as Liquidator. The Appellant acquired the Corporate Debtor as a going concern through an e-auction on 16.08.2024, receiving a Sale Certificate on 23.01.2025. Subsequently, the Appellant filed an application (I.A No. 840 of 2025) before the Adjudicating Authority (NCLT) seeking various reliefs and concessions to operationalize the Corporate Debtor as a going concern. These reliefs included waivers related to SEBI/Stock

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## Facts

The Appellant filed an appeal under Section 61 of the IBC against an Order dated 26.02.2026 passed by the Adjudicating Authority (NCLT, Mumbai Bench-IV) in I.A. No. 840 of 2025 in C.P.(IB) No. 1056/MB/2020.

The impugned order rejected or partly allowed certain reliefs and concessions prayed for by the Appellant.

The Corporate Debtor, Talwalkars Better Value Fitness Ltd., was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.01.2021.

The CIRP process did not succeed, and the Corporate Debtor was subjected to liquidation proceedings under Section 33(2) of the IBC by the Adjudicating Authority on 28.04.2022.

Gajesh Labhchand Jain was appointed as the Liquidator for Talwalkars Better Value Fitness Limited.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority (NCLT) possesses the jurisdiction under Section 60(5)(c) and …

**Ratio:** The Adjudicating Authority (NCLT) possesses broad residuary jurisdiction under Section

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**Reasoning:** The Appellant sought directions essential to operationalize the Corporate Debtor as a

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**Interpretation:** Section 60(5)(c) grants wide jurisdiction to the Adjudicating Authority to

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**Application:** The Adjudicating Authority erred by refusing to grant consequential reliefs,

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## Parties

- **Judges:** Yogesh K…; Barun M…; +1 more
- **Appellants:** RAVIKUMAR…
- **Respondents:** Talwalkars Better…; GAJESH LABHCHAND…
- **Other parties:** Gajesh Labhchand…
- **Advocates:** Abhijeet…; Saikat S…; +9 more

## Timeline

- **2021-01-11 — CIRP Admi…**: Talwalkars Better Value Fitness Ltd. (Corporate Debtor) was admitted into Corporate…
- **2022-04-28 — Liquidation Order &…**: The Corporate Debtor was subjected to liquidation proceedings under Section 33(2) of the…

## 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)

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