Indojewel Jewellery Private Limited (Applicant) purchased an asset of Panache Exports Private Limited (Corporate Debtor) in a liquidation e-auction on an "as is where is" basis. The Corporate Debtor was subsequently dissolved. Multistoried IT & Gems Commercial Premises Cooperative Society Limited (Respondent No. 1), an unsecured operational creditor, had lodged a claim for maintenance dues prior to liquidation, which was admitted and settled by the Liquidator (Respondent No. 2). However, R1 later issued a demand letter to the Applicant for outstanding dues, claiming a statutory first charge under Section 47 of the Maharashtra Co-operative Societies Act, 1960. The Applicant paid post-liquidation dues but sought an order from the NCLT declaring

Indojewel Jewellery Private Limited (Applicant) purchased an asset of Panache Exports Private Limited (Corporate Debtor) in a liquidation e-auction on an "as is where is" basis. The Corporate Debtor was subsequently dissolved. Multistoried IT & Gems Commercial Premises Cooperative Society Limited (Respondent No. 1), an unsecured operational creditor, had lodged a claim for maintenance dues prior to liquidation, which was admitted and settled by the Liquidator (Respondent No. 2). However, R1 later issued a demand letter to the Applicant for outstanding dues, claiming a statutory first charge under Section 47 of the Maharashtra Co-operative Societies Act, 1960. The Applicant paid post-liquidation dues but sought an order from the NCLT declaring