Narender Gandhari vs Shri Maruthi Textiles Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLT) 176

NATIONAL COMPANY LAW TRIBUNAL
Umesh Kumar Shukla, Technical Member, Kishore Vemulapalli, Judicial Member
Narender Gandhari – Appellant
Versus
Shri Maruthi Textiles Limited – Respondent

Advocates:
For the Applicant/Liquidator: Mr. Narender Gandhari
For the Successful Bidders: Mr. M. Prasanth Kumar, Adv.
For the IARCPL, Member of SCC: Mr. Chetan Sagar, Adv.
For the APSFC, Member of SCC: Mr. Anil Mukherji, Adv.

Table of Content
1. liquidation process initiation and asset sales overview (Para 1 , 2)
2. liquidator compliance and auction extensions justified (Para 3 , 4 , 5)
3. scc members and bidders support process and compensation (Para 6 , 7 , 8 , 9 , 10 , 11)
4. court frames issues on timelines and compensation (Para 12 , 13 , 14)
5. liquidator cannot extend payment timelines beyond regulations (Para 15 , 16 , 17)
6. "as is where is" sale bars post-sale compensation claims (Para 18)
7. cancel land sale, recover scrap compensation, dismiss ia (Para 19 , 20 , 21 , 22)

[ORDER]

[PER: BENCH]

This Interlocutory Application bearing no. IA (IBC)/36/2021 (hereinafter referred to as the “IA 36/2021”) has been filed, vide Dairy No. 0405 dated 06.04.2021, by Mr. Narender Gandhari (hereinafter referred to as the “Liquidator” or the “Applicant” of M/s. Shri Maruthi Textiles Limited (hereinafter referred to as the “Corporate Debtor”) under Section 54 (1) or other provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC” or the “Code”) seeking the dissolution of the Corporate Debtor.

FACTS OF THE CASE

2. The facts of the case, as stated in the Application, are summarised below: