Souvik Agarwal, proprietor of M/s. Iconic Coal Company, participated in an e-auction for assets of Ambay Coke Industries Private Limited on June 1, 2026, and was declared the highest bidder. However, the Committee of Creditors (CoC) subsequently resolved not to declare him the successful bidder and cancelled the auction, citing a technical glitch that affected another bidder and the objective of value maximization. A fresh e-auction was then initiated with a higher reserve price.
Mr. Souvik Agarwal, Proprietor of M/s. Iconic Coal Company, filed an application under Section 60(5) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking reliefs related to an e-auction.
On May 21, 2026, the Applicant came across an e-auction sale notice for assets of Ambay Coke Industries Private Limited (in Liquidation), scheduled for June 1, 2026.
The reserve price for the auctioned property was fixed at Rs. 1,75,00,000/-, and the Earnest Money Deposit (EMD) was Rs. 17,50,000/-.
The Applicant participated in the e-auction on June 1, 2026, by paying the EMD on May 27, 2026, and emerged as the highest bidder with a bid of Rs. 2,13,50,000/-.
…Sign in to view the parties.
The Respondent-Liquidator was appointed by…
The Applicant came across an e-auction sale…
Souvik Agarwal, proprietor of M/s. Iconic Coal Company, participated in an e-auction for assets of Ambay Coke Industries Private Limited on June 1, 2026, and was declared the highest bidder. However, the Committee of Creditors (CoC) subsequently resolved not to declare him the successful bidder and cancelled the auction, citing a technical glitch that affected another bidder and the objective of value maximization. A fresh e-auction was then initiated with a higher reserve price.
Mr. Souvik Agarwal, Proprietor of M/s. Iconic Coal Company, filed an application under Section 60(5) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking reliefs related to an e-auction.
On May 21, 2026, the Applicant came across an e-auction sale notice for assets of Ambay Coke Industries Private Limited (in Liquidation), scheduled for June 1, 2026.
The reserve price for the auctioned property was fixed at Rs. 1,75,00,000/-, and the Earnest Money Deposit (EMD) was Rs. 17,50,000/-.
The Applicant participated in the e-auction on June 1, 2026, by paying the EMD on May 27, 2026, and emerged as the highest bidder with a bid of Rs. 2,13,50,000/-.
…The Respondent-Liquidator was appointed by…
The Applicant came across an e-auction sale…