Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

The appellant, a former managing director of Sri Lakshmi Hotel Private Ltd., challenged the e‑auction of the company's property, alleging that the reserve price was under‑valued, that the liquidator failed to form a Stakeholders’ Consultation Committee, and that the liquidator violated Regulation 33 by not cancelling t…

The corporate debtor, ABG Shipyard Ltd., was placed under liquidation after a failed resolution process. The liquidator conducted five e-auctions without success and then adopted a Swiss Challenge Process, naming R.K. Industries as the anchor bidder. Before the process could conclude, the liquidator, with the approval …

The corporate debtor Gujarat NRE Coke Ltd (GNCL) initiated a corporate insolvency resolution process, but its promoter Arun Kumar Jagatramka was deemed ineligible to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). After the liquidation order, Jagatramka filed an application under…

Eva Agro Feeds Private Ltd bid the reserve price of Rs.10 crore for a corporate debtor's property in an e‑auction and was issued a certificate of winning on 20 July 2021. The liquidator cancelled the auction the next day under Clause 3(k) of the E‑Auction Process Information Document without giving any reasons, prompti…

The corporate debtor Amtek Auto Ltd pledged 66.77% of its shares in JMT Auto Ltd as security to M/s Vistra ITCL (appellant No.1) for short‑term loans extended to its group companies. Vistra filed a claim as a secured creditor, which was rejected by the resolution professional and later by the adjudicating authority. Th…

Bharti Airtel Ltd. and Bharti Hexacom Ltd. entered into spectrum trading agreements with Aircel Ltd. and Dishnet Wireless Ltd., which later led to disputes over bank guarantees and payments. When Aircel entered the Corporate Insolvency Resolution Process (CIRP), Airtel claimed a right to set‑off Rs. 112.87 crore agains…