Jai Bhavani Construction vs Ariha Chemicals Pvt Ltd.

Issue notice. Ld. Counsel for the respondent accepts notice and seeks time to file reply. Let the reply be filed within two weeks. Rejoinder, if any, be filed within one week thereafter.

List this matter on 06.05.2026.

Despite categorical direction vide order dated 26.02.2026 to the erstwhile liquidator to hand over the control and management of the Corporate Debtor to the newly appointed liquidator, till date the erstwhile liquidator has not complied with the directions of this Tribunal.

Adv Partho Sarkar Ld. Counsel for the erstwhile liquidator submits that the order dated 26.02.2026 has not been complied with because it is an “illegal order”. Upon pointed query whether any higher Courts have held the said order to be illegal, it is stated that no appeal has been filed.

In the absence of any judicial order, holding the order dated 26.02.2026 to be illegal, the erstwhile liquidator was bound to hand over the possession and control of the Corporate Debtor to the newly appointed liquidator. The erstwhile liquidator has defied the directions of this Tribunal. At this stage, we refrain from passing any serious remarks on the conduct of the Liquidator but therefore forward copy of this order to Insolvency and Bankruptcy Board of India for appropriate action.

In the meantime, the Liquidator cannot continue to hold control and possession of the corporate debtor when a new liquidator has already been appointed. The erstwhile liquidator to immediately hand over the charge to the new liquidator.

List this matter on 06.05.2026.

List on 31.07.2026.

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List on 06.05.2026.