# State Bank of India Versus IND TOB International Pvt Ltd

> NCLT judgment dated 2026-09-08. Citation: TCN-2026-NCLT-01155. This judgment addresses the Liquidator's fee entitlement and the extension of the liquidation…

- **Court:** NCLT
- **Order date:** 8 Sept 2026
- **Citation:** TCN-2026-NCLT-01155
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/ind-tob-international-pvt-ltd-mq62k

## Summary

### Background

This judgment addresses the Liquidator's fee entitlement and the extension of the liquidation period for IND TOB International Pvt Ltd. The Liquidator filed progress reports and claimed a monthly fee of Rs. 2 Lakhs, fixed by the Stakeholders Consultation Committee (SCC). However, the Adjudicating Authority had previously determined the fee in its liquidation order dated 27.03.2023, in accordance with Section 34(8) of the IBC and Regulation 4(2)(b) of the IBBI (Liquidation Process) Regulations, 2016. Since no assets of the Corporate Debtor had been sold or realised, and no amount distributed, the Liquidator's fee, as per statutory provisions, was NIL. The Authority found that the Liquidator failed to disclose its prior fee determination and provided incorrect

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## Facts

IA (LIQ)/Progress Report/55/2026, IA (LIQ) (Progress Report)/38/2026, and IA(IBC)/313/2026 in CP(IB)/33/7/AMR/2021 were before the National Company Law Tribunal, Amaravati Bench.

The order was delivered on 08.09.2026.

During a hearing on 04.08.2026, the 13th Progress Report for the quarter ending June 2026, filed in IA (LIQ) Progress Report)/38/2026, was found not in the prescribed Form-C and lacked Minutes of various SCC Meetings.

The Liquidator was granted time to file the Progress Report in the prescribed Form-C along with the Minutes of the SCC Meetings.

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## Issues and analysis

### Issue 1: Whether the Liquidator's fee was properly determined and whether he breached his fiduciary duty by …

**Ratio:** The Adjudicating Authority's determination of the Liquidator's fee in the liquidation

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**Reasoning:** The Adjudicating Authority's order dated 27.03.2023 specifically dealt with the

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**Interpretation:** The Adjudicating Authority's order regarding liquidator fees is supreme and

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**Application:** Since no assets have been sold or realised, and no amount distributed, the fee

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## Parties

- **Judges:** KISHORE VEMULAPALL…; UMESH KUMAR…
- **Appellants:** Kasi Sri…; State Bank of…
- **Respondents:** M/s IND TOB…
- **Other parties:** Committee of…; Stakeholders…; +1 more
- **Advocates:** Aishwarya…

## Timeline

- **2022-09-13**
- **2023-03-27**

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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