# In the matter of Xylocopa Builders & Developers Pvt. Ltd. vs. Namrata Amol Randeri

> NCLAT judgment dated 2026-03-20. Citation: TCN-2026-NCLAT-00064. The appeal challenges the adjudicating authority's order dated 28.03.2025, which rejected…

- **Court:** NCLAT
- **Order date:** 20 Mar 2026
- **Citation:** TCN-2026-NCLAT-00064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/xylocopa-builders-developers-pvt-ltd-vs-namrata-amol-randeri-b27e1b87

## Summary

### Background

The appeal challenges the adjudicating authority's order dated 28.03.2025, which rejected I.A. No.5114/2024 filed by the appellant. The corporate debtor, Turning Point Estates Pvt. Ltd., was admitted into CIRP on 10.01.2020, and subsequently ordered for liquidation on 09.02.2023. The liquidator issued a sale notice, and the appellant was declared the successful auction purchaser but failed to deposit the full amount due to encumbrances.

## Facts

Turning Point Estates Pvt. Ltd. was admitted to CIRP on 10.01.2020.

The adjudicating authority ordered the corporate debtor to be liquidated on 09.02.2023.

Xylocopa Builders & Developers Pvt. Ltd. was declared the successful auction purchaser on 19.04.2024 for Rs.81 crore.

The appellant deposited an EMD of Rs.4.05 crore and a further amount totaling to 25% (Rs.20.25 crore).

The appellant sought clarification regarding encumbrances from the Excise Department on 09.05.2024.

The liquidator cancelled the auction and forfeited the deposited amount on 14.09.2024.

The adjudicating authority rejected I.A.5114/2024 on 28.03.2025.

The liquidator conducted an 11th e-Auction on 02.05.2025, selling the assets for Rs.81 crore.

## Issues and analysis

### Issue 1: Whether the liquidator's action in cancelling the 9th e-Auction by email dated 14.09.2024 is in …

**Ratio:** The Hon'ble Supreme Court in ‘V.S. Palanivelʼ Vs. ‘Sri. Lakshmi Hotels (P) Sriram, CS,

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**Reasoning:** The appellant failed to make the payment of the balance sale consideration within the

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**Interpretation:** The liquidator's action was in accordance with the law and the e-Auction

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**Application:** The appellate tribunal upheld the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Xylocopa Builders…
- **Respondents:** Turning Point…; Namrata Amol…
- **Other parties:** Namrata R…; Namrata Amol…
- **Advocates:** Abhijeet…; Neha Ag…; +8 more

## Timeline

- **2020-01-10 — CIRP Admi…**: Turning Point Estates Pvt. Ltd. was admitted to Corporate Insolvency Resolution Process…
- **2023-02-09 — Liquidation…**: Adjudicating authority ordered the…

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