# In the matter of Sunrise Industries vs. Umesh Gupta

> NCLAT judgment dated 2026-03-19. Citation: TCN-2026-NCLAT-00106. Sunrise Industries filed an appeal against an order dismissing its application to consider an…

- **Court:** NCLAT
- **Order date:** 19 Mar 2026
- **Citation:** TCN-2026-NCLAT-00106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sunrise-industries-vs-umesh-gupta-6de5b333

## Summary

### Background

Sunrise Industries filed an appeal against an order dismissing its application to consider an enhanced offer submitted during the auction process/NRRA assignment process. The application also sought to set aside the acceptance of the offer of Respondent No.3.

## Facts

Hema Automotive Private Limited was admitted into CIRP on 08.07.2022.

The Corporate Debtor's primary asset was a leasehold industrial plot in Neemrana, Rajasthan.

The lease granted by RIICO was cancelled on 29.11.2022 during CIRP.

Liquidation proceedings were initiated on 11.04.2023, and Respondent No.1 was appointed as Liquidator.

The Liquidator attempted to sell the asset through e-auction, which failed.

The Stakeholders' Consultation Committee (SCC) resolved to explore assignment of the asset as a Not Readily Realisable Asset (NRRA).

The Appellant submitted an EOI with an EMD of Rs.1.0 Crore and was declared a qualified bidder.

The Appellant submitted an enhanced offer of 11.10 Crores via email after the sealed offers were opened but before the SCC meeting concluded.

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## Issues and analysis

### Issue 1: Whether the liquidator acted fairly and …

**Ratio:** Fairness is a constant that works differently in different factual contexts and must be

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**Reasoning:** The NCLAT reasoned that the appellant's concerns about fairness were not serious and

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**Interpretation:** The liquidator has a duty to act in the best interest of the liquidation estate

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**Application:** The NCLAT applied the principle of fairness in the context of the specific

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## Parties

- **Judges:** N. Sesha…; Indevar P…
- **Appellants:** Sunrise Ind…; Pawan Kumar…
- **Respondents:** Hema Automotive…; Umesh G…
- **Advocates:** Alok Kumar…; Anush…; +11 more

## Timeline

- **2022-07-08 — CIRP Init…**: Hema Automotive Private…
- **2022-11-29 — Lease Cance…**: The lease granted by RIICO…

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