The liquidator must adhere to court undertakings during liquidation procedures, and the court may mandate re-auction to maximize asset value, emphasizing compliance with regulatory frameworks.

JUDGMENT :

SACHIN DATTA, J.

1. The present petition has been filed by the petitioner alleging wilful disobedience by respondent no.1 of the undertaking/statement made by the said respondent before this Court, as recorded in the order dated 09.04.2025 passed in W.P.(C) 4634/2025. The said order dated 09.04.2025 records as under:

“1. In the present petition, the petitioner entity seeks to participate in the process of sale of M/s Moser Baer Solar Ltd. (hereinafter referred to as ‘MBSL’) as a going concern under the provisions of the Insolvency and Bankruptcy Code, 2016.

2. It is submitted that the petitioner was one of the shortlisted participant in the process of sale of MBSL as a going concern, but the right of participation has been virtually taken away from the petitioner on account of the fact that the petitioner did not receive any link or instruction/notification for participating in the pre-qualification proceedings.

3. It is further submitted that the petitioner had fulfilled all mandatory requirements of registering as a buyer, including deposit of Earnest Money Deposit (EMD) and uploading all relevant documents. However, it is contended that it was only in the absence of any specific instructions/notifications and/or a link to participate in the pre- qualification proceedings that the petitioner could not fulfil the alleged requirements and has been, therefore, virtually rendered disqualified on erroneous ground.

4. It is pointed out that the petitioner had e-filed an application before the NCLT raising the aforesaid grievance and seeking appropriate prayer/s. However, since the NCLT is under recess and shall be reopening only on 15.04.2025, the present petition has been filed by the petitioner seeking urgent relief.

5. Learned counsel for respondent no.1 (liquidator), while refuting the contentions of the petitioner on merits, submits that since the NCLT shall be reopening only on 15.04.2025 (whereupon the matter is expected to be taken by the NCLT), the respondent no.1 shall not take any further steps pursuant to the e-auction process for the sale of MBSL (except for conducting internal meetings with the banks/stakeholders) till 21.04.2025.

6. Respective counsels for the parties are in agreement that it shall be for the NCLT to pass appropriate orders on the application already filed by the petitioner before the NCLT.

7. Accordingly, taking the aforesaid statement of the respondent no.1 on record, the present petition is disposed of.”

2. The concerned auction was conducted on 08.04.2025 and the aforesaid order dated 09.04.2025, incorporating the consent undertaking, came to be issued in the immediate aftermath thereof.

3. Vide order dated 21.04.2025, the National Company Law Tribunal (NCLT) ordered as under:

4. On 19.11.2025, the petitioner’s application bearing no. IA-1746/2025 (seeking quashing of the e-auction proceedings and other prayers), came to be dismissed by the NCLT. The NCLT found that the petitioner had not adhered to the auction procedure/process specified by the auction platform, M/s Baanknet.

5. On 21.11.2025, in an appeal filed by the petitioner, the National Company Law Appellate Tribunal (NCLAT) directed that “Status quo as existing today with regard to assets in question be maintained”.

6. The present contempt petition came to be filed on 29.11.2025. Essentially, the petitioner has sought to urge that the respondent/liquidator has wilfully and deliberately disobeyed the undertaking incorporated in the aforesaid order dated 09.04.2025 passed by this Court, inasmuch as he allegedly acted in a partisan manner and took unwarranted steps in contr