# Indojewel Jewellery Private Limited vs. Multistoried IT & Gems Commercial Premises Cooperative Society Limited & Anr.

> NCLT judgment dated 2026-07-07. Citation: TCN-2026-NCLT-00780. Indojewel Jewellery Private Limited (Applicant) purchased an asset of Panache Exports Private…

- **Court:** NCLT
- **Order date:** 7 Jul 2026
- **Citation:** TCN-2026-NCLT-00780
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/indojewel-jewellery-private-limited-vs-multistoried-it-gems-commercial-premises-qtq7u

## Summary

### Background

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

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## Facts

Panache Exports Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 25.11.2019.

Liquidation was initiated against the Corporate Debtor on 23.09.2022, and Mr. Ajit Gyanchand Jain (Respondent No. 2) was appointed as the Liquidator.

Multistoried IT & Gems Commercial Premises Cooperative Society Limited (Respondent No. 1), an unsecured operational creditor, lodged a claim of Rs. 70,60,252/- with the Liquidator on 14.03.2023, which was admitted and reflected in the List of Stakeholders.

The Liquidator published an Auction Notice on 05.06.2023 for the sale of an asset of the Corporate Debtor, and an e-auction was conducted on 05.07.2023.

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## Issues and analysis

### Issue 1: Whether the Applicant as a successful auction purchaser of an asset of the Corporate Debtor is …

**Ratio:** A statutory first charge on a property, such as for society dues under Section 47 of the

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**Reasoning:** The Tribunal noted that Section 47 of the MCS Act creates a statutory first charge in

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**Interpretation:** The court interpreted "as is where is" clauses in auction sales to

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**Application:** The Tribunal applied these principles to the Applicant's case, concluding that

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## Parties

- **Judges:** ASHISH…; Charanjeet Singh…
- **Appellants:** Indojewel…; Oriental Bank of…
- **Respondents:** Panache Exports…; Multistoried IT &…; +1 more
- **Other parties:** Committee of…; Multistoried IT &…
- **Advocates:** Adv Manoj…; Rohit G…; +3 more

## Timeline

- **2019-11-25 — CIRP Admi…**: Panache Exports Private Limited (Corporate Debtor) admitted into Corporate Insolvency…
- **2022-09-23 — Liquidation…**: Liquidation initiated against the Corporate Debtor, and Mr. Ajit Gyanchand Jain…

## 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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