NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI [Arising out of the Impugned Order dated 19.11.2025 passed by the Adjudicating Authority, National Company Law Tribunal, Principal Bench in I.A. No. 1746 of 2025 in C.P. (IB) No. 272/PB/2017]

IN THE MATTER OF:

JFC FINANCE (INDIA) LTD.

P-32, Lower Ground Floor, South Extension-II, New Delhi- 110049 …Appellant Versus

1. ARVIND GARG Liquidator

302-A, Pal Mohan Plaza, Deshbandhu Gupta Road, Karol Bagh, New Delhi- 110005 Email: arvindgarg31@gmail.com …Respondent No. 1

2. PSB ALLIANCE PVT. LTD. (BAANKNET)

Through Its Authorised Officer Unit No. 1, 3rd Floor, VIOS Commercial Tower Near Wadala Truck Terminal, Wadala East, Mumbai- 400037 Email: psba@psballiance.com …Respondent No. 2

3.CHEMESTER FOOD INDUSTRY PVT.

LTD.

515, Fifth Floor, Hemkunt Chamber, 89 Nehru Place, New Delhi - 110019 …Respondent No. 3 Present:

For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.

Gaurav Mitra, Ms. Varsha Banerjee, Ms. Udita Singh and Ms. Heena Kochar, Advocates.

For : Mr. Krishnendu Datta, Sr. Advocate with Mr. Respondents Mansumyer Singh, Ms. Niharika Sharma and Ms. Jaismeen Sharmaa, Advocates for R1.

Mr. Arun Kathpalia, Sr. Advocate with Mr. Shaunak Kashyap, Adv. Mayanka Dhawan and Mr. Vikram Kalra, Advocates for R3.

Mr. Abhinav Vasisht, Sr. Advocate with Ms. Karishma Maria, Advocates for Applicant/Impleader.

Mr. Arvind Garg, In person.

J U D G M E N T

(Hybrid Mode)

Per: Barun Mitra, Member (Technical)

The present appeal, preferred under Section 61 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’ in short), arises from the order dated 19.11.2025 (hereinafter referred to as the ‘Impugned Order’) passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench) in I.A. No. 1746 of 2025 filed in C.P. (IB) No. 272/PB/2017. By the said Impugned Order, the Adjudicating Authority has dismissed I.A No. 1746 of 2025 filed by the Appellant - JFC Finance (India) Ltd. Aggrieved by the impugned order, the Appellant has preferred the present appeal.

2. Coming to the chronological sequence and events which are relevant to be noticed in the present matter, the same are as outlined below:

• The Liquidation proceedings of Moser Baer Solar Ltd. (“MBSL” in short)-

Corporate Debtor was initiated on 30.05.2019.

• In the 1st Round of sale process which was undertaken, the Respondent No. 1-Liquidator issued a sale notice inviting bids for sale of Not Readily Realizable Assets (‘NRRA’ in short) assets of the Corporate Debtor on

09.12.2022.

• On 27.12.2022, the Appellant–JFC Finance (India) Ltd. (‘JFC’ in short)

gave an offer of Rs. 8 Cr. alongwith EMD of Rs. 80 Lakhs for purchase of the NRRA assets of the Corporate Debtor.

• The bid offer of Rs. 8 Cr. was improved to Rs. 30 Cr. on 09.01.2023 alongwith EMD deposit of Rs. 3 Cr. for purchase the Corporate Debtor as a going concern. This offer was later downwardly revised to Rs. 26 Cr. on 11.01.2023.

• The Respondent No. 1-Liquidator filed I.A No. 581 of 2023 before the Adjudicating Authority seeking permission to conduct public auction for sale of the Corporate Debtor as a going concern on 20.01.2023.

• On 19.11.2024, the Adjudicating Authority allowed withdrawal of I.A No. 581 of 2023 and permitted the Liquidator to conduct fresh auction proceedings for the Corporate Debtor as a going concern.

• An email dated 31.12.2024 was sent by the Liquidator to the Appellant-

JFC intimating that the sale of the Corporate Debtor would be carried out by way of an auction in accordance with Regulation 33(1) of Liquidation Process Regulation (‘LPR’ in short) with two alternative options for the Bidders. In view of the above, the Appellant sought refund of EMD of Rs. 3 Cr. on 06.01.2025.

• Before the 2^nd Round of sale process could be initiated, the IBBI issued a circular on 29.10.2024 introducing ‘eBKray’ platform for conducting auction of assets under the IBC. This eBKray platform later came to be known as ‘BAANKNET’. On 10.01.2025, the IBBI issued a circular directing that all