# Souvik Agarwal Proprietor of M/s. Iconic Coal Company vs. Liquidator of Ambay Coke Industries Private Limited

> NCLT judgment dated 2026-08-10. Citation: TCN-2026-NCLT-00942. Souvik Agarwal, proprietor of M/s. Iconic Coal Company, participated in an e-auction for assets…

- **Court:** NCLT
- **Order date:** 10 Aug 2026
- **Citation:** TCN-2026-NCLT-00942
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/souvik-agarwal-proprietor-of-ms-iconic-coal-company-vs-liquidator-of-ambay-coke-i7bly

## Summary

### Background

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.

## Facts

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/-.

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## Issues and analysis

### Issue 1: Whether the Liquidator, acting on the decision of the Committee of Creditors (CoC), was justified …

**Ratio:** The CoC, exercising its commercial wisdom, has the authority to cancel an auction and

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**Reasoning:** The NCLT noted that under IBBI (Liquidation Process) Regulation 2016, specifically

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**Interpretation:** The statutory framework grants the CoC significant power in liquidation

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**Application:** The NCLT found that the CoC's decision to cancel the auction was justified due

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## Parties

- **Judges:** Shri. Labh…; Rekha Kantilal…
- **Appellants:** Souvik Agarwal…
- **Respondents:** Ambay Coke…; Liquidator of…
- **Other parties:** Committee of…; State Bank of…; +1 more
- **Advocates:** Tannya Ba…; Shaunak…; +5 more

## Timeline

- **2025-03-07 — Liquidator App…**: The Respondent-Liquidator was appointed by this Tribunal vide order in C.P. (I.B) No.…
- **2026-05-21 — E-auction Sal…**: The Applicant came across an e-auction sale notice issued by the Respondent for assets of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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