# Indojewel Jewellery Private Limited vs. Brihanmumbai Municipal Corporation & Anr.

> NCLT judgment dated 2026-09-22. Citation: TCN-2026-NCLT-01065. Panache Exports Private Limited (Corporate Debtor) was admitted into CIRP on 25.11.2019, and…

- **Court:** NCLT
- **Order date:** 22 Sept 2026
- **Citation:** TCN-2026-NCLT-01065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/indojewel-jewellery-private-limited-vs-panache-exports-private-limited-bj1nu

## Summary

### Background

Panache Exports Private Limited (Corporate Debtor) was admitted into CIRP on 25.11.2019, and subsequently, liquidation was initiated on 23.09.2022, with Mr. Ajit Gyanchand Jain appointed as Liquidator. Indojewel Jewellery Private Limited (Applicant) purchased an asset of the Corporate Debtor in an e-auction on an "as is where is" basis. Brihanmumbai Municipal Corporation (Respondent No. 1), an unsecured operational creditor, had previously lodged a claim of Rs. 8,21,434/- with the Liquidator for dues prior to the liquidation date. Despite participating in the liquidation process, Respondent No. 1 is now seeking to recover an outstanding amount of Rs. 86,58,080/- (plus interest/penalty) from the Applicant, pertaining to the period prior to the liquidation

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## Facts

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

Liquidation was initiated against the Corporate Debtor vide order dated 23.09.2022 ("Liquidation Order").

Mr. Ajit Gyanchand Jain ("Respondent No. 2") was appointed as the Liquidator of the Corporate Debtor.

Brihanmumbai Municipal Corporation ("Respondent No. 1"), as an unsecured operational creditor, lodged its claim amounting to Rs. 8,21,434/- with the Liquidator on 20.12.2022.

Respondent No. 2 (Liquidator) published an Auction Notice for the sale of an asset of the Corporate Debtor on 05.06.2023, with the E-Auction to be 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 successful auction purchaser of a corporate debtor's asset, sold on an "as is

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**Reasoning:** Section 212 of the Mumbai Municipal Corporation Act, 1888, establishes a statutory first

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**Interpretation:** The phrase "as is where is" in an auction sale implies that the buyer

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**Application:** In this case, the Brihanmumbai Municipal Corporation (Respondent No. 1) has a

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## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** Indojewel…; Oriental Bank of…
- **Respondents:** Panache Exports…; Brihanmumbai…; +1 more
- **Other parties:** Committee of…
- **Advocates:** Manoj M…

## Timeline

- **2019-11-25 — CIRP Admi…**: Panache Exports Private Limited ("Corporate Debtor") was admitted into the Corporate…
- **2022-09-23 — Liquidation In…**: Liquidation was initiated against the…

## 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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