NATIONAL COMPANY LAW TRIBUNAL

COURT-V, MUMBAI BENCH

208. IA/835/2025 IA/1638/2025 C.P. (IB)/2729(MB)2019

IN THE MATTER OF

Punjab National Bank … Petitioner

Vs

Dream Merchant Content Pvt ltd … Respondent

U/s 7 of the Insolvency and Bankruptcy Code, 2016

Order Delivered on 02.12.2025

CORAM:

SH. MOHAN PRASAD TIWARI SH. CHARANJEET SINGH GULATI

MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Applicant: Adv. Dheeraj Garg (VC)

For the Liquidator in IA/1638/2025: Adv. Tej Pratap Singh for Adv Akarsh Mathur

(VC)

_____________________________________________________________________

ORDER confined to what is provided and in terms of Section 32A of the IBC. No reliefs and concessions could be given beyond what is mandated under the law.

IA/835/2025- This IA has been filed by the M/s. Fincare Enterprise Through Its Partner Sumit Rajnikant Mehta seeking reliefs and concessions in respect of the Corporate Debtor sold as going concern during liquidation. The matter had come up for our

consideration on 14.08.2025, wherein following order was passed: -

“IA/835/2025:- This IA has been filed by the Successful Auction Purchaser who has purchased the Corporate Debtor as going concern during liquidation. Learned counsel has taken us to some length including the letter of intent, sale certificate issued by the liquidator and submits that he entitled for the reliefs and concessions sought in this IA. It is noted that such reliefs and concessions have been given at para-23 of the IA, wherein it runs from 14 to 23 in around 9 plus pages. It is noted that the reliefs and concessions as may be available to the Auction Purchaser is

Learned counsel for the Applicant herein is accordingly directed to examine the reliefs and concessions and specify which of such reliefs and concessions are within the mandate of Section 32A of the IBC. Let the same be done within two weeks. List this IA accordingly for further consideration on 14.10.2025.”

Ld. Counsel for the Applicant accordingly submits that the additional affidavit has been filed by them in compliance with the order dated 14.08.2025, and by way of this additional affidavit, they have restricted their reliefs and concessions within the mandate of Section 32A of the IBC. Accordingly, the ld. Counsel submits that an order to this effect may be passed.

We have considered the facts of the case and the prayers made in the additional affidavit which are in supersession/amendment of prayers made in the IA. The prayers made in the additional affidavit are being dealt herein under: -

Prayer- A- Immunity under Section 32A of the IBC: -

Through this prayer the Applicant seeks immunity/waivers/concessions under Section 32A of the Insolvency and Bankruptcy Code. In this regard, it is mentioned that the provisions of Section 32A, in respect of the liquidation process is confined to the provisions of Section 32A (2). Subject to the satisfaction of the conditions stipulated therein the actions against the property of Corporate Debtor in relation to an offence committed prior to the commencement of the CIRP cannot be taken.

Prayer- B- Is in respect of extinguishment of claims:-

In this regard, it is mentioned that relief as is available to the Applicant herein in terms of the provisions of Section 53 of the IBC read with Section 32A (2) of the IBC would be available to the Applicant herein.

Prayer- C- In this prayer immunity in respect of the assets are being sought;-

In this regard, it is mentioned that subject to the compliance of the provisions of Section 30A (2), immunity as provided in the said section would be available to the Applicant herein.

Prayer D- This prayer is in respect of cancellation of old Shares, an allotment of new shares: -

In this regard, it is stated that no such provision is available in respect of the Corporate Debtor sold under liquidation and within the meaning of Section 32A of the IBC. However, the Applicant herein may apply for suitable relief to the concerned authority who would proceed in the ma