# Lemit Papers LLP vs. Rajeshkumar Malani Liquidator of Camerich Papers Private Limited

> NCLT judgment dated 9 Mar 2026. Citation: TCN-2026-NCLT-00278. Lemit Papers LLP, the Applicant, successfully bid Rs. 78 crores in an e-auction to acquire…

- **Court:** NCLT
- **Order date:** 9 Mar 2026
- **Citation:** TCN-2026-NCLT-00278
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/lemit-papers-llp-vs-rajeshkumar-malani-liquidator-of-camerich-papers-private-lim-srcrh

## Summary

### Background

Lemit Papers LLP, the Applicant, successfully bid Rs. 78 crores in an e-auction to acquire Camerich Papers Private Limited (Corporate Debtor) as a going concern. The Corporate Debtor had initially entered Corporate Insolvency Resolution Process (CIRP) on 27.02.2024, with Shri Ashish Shah appointed as Interim Resolution Professional. However, due to non-submission of balance payment for a resolution plan, liquidation proceedings were initiated on 08.05.2025, and Rajeshkumar Malani was appointed as Liquidator. The Applicant filed an application under Section 60(5)(c) of the IBC seeking various reliefs and concessions to ensure the acquired Corporate Debtor can operate without the burden of past liabilities, in line with the 'clean slate' principle.

## Facts

Lemit Papers LLP (Applicant) purchased M/s. Camerich Papers Private Limited (Corporate Debtor) as a going concern in an e-auction for Rs. 78,00,00,000/-.

The e-auction was held on 13.10.2025 under Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016.

M/s. Camerich Papers Private Limited was admitted into CIRP on 27.02.2024.

Shri Ashish Shah was appointed as the Interim Resolution Professional (IRP) during the CIRP.

Due to non-submission of balance payment for the resolution plan, liquidation proceedings were initiated against the Corporate Debtor on 08.05.2025.

Rajeshkumar Malani was appointed as the Liquidator of Camerich Papers Private Limited.

The Liquidator issued an E-Auction Sale Notice on 19.09.2025 for selling the company as a going concern.

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## Issues and analysis

### Issue 1: Whether the NCLT can grant reliefs, concessions, and directions to a successful auction purchaser …

**Ratio:** The sale of a Corporate Debtor as a going concern under Regulation 32(e) of the IBBI

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**Reasoning:** The Tribunal acknowledged that the 'clean slate' principle, as established by Supreme

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**Interpretation:** The NCLT interpreted its powers under Section 60(5)(c) to confirm the going

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**Application:** The NCLT confirmed the sale of Camerich Papers Private Limited to Lemit Papers

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## Parties

- **Judges:** SHAMMI KHAN…; SANJEEV SHARMA…
- **Appellants:** Lemit Pape…
- **Respondents:** M/s. Camerich…; Rajeshkumar…
- **Other parties:** Insolvency and…; Liquidation…; +10 more
- **Advocates:** Sanjay Ma…; Hiten P…; +1 more

## Timeline

- **2024-02-27 — CIRP Initiation & IRP…**: Adjudicating Authority directed the initiation of CIRP against the Corporate Debtor and…
- **2025-05-08 — Liquidation Process Initiation & Liquidator…**: Due to non-submission of balance payment for the resolution plan, the Adjudicating…

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