The National Company Law Tribunal (NCLT) Mumbai Bench has issued a comprehensive order approving the acquisition of Euro Ceramics Limited by Jaquar And Company Pvt Ltd through a liquidation process. The order, dated August 13, 2025, provides extensive regulatory relief and confirms the sale of the corporate debtor as a going concern for Rs. 42.90 crore.

Acquisition Details and NCLT Approval

Jaquar And Company Pvt Ltd emerged as the successful bidder in an e-auction process conducted by liquidator Premraj Ramratan Laddha. The company successfully bid Rs. 42.90 crore for the acquisition of Euro Ceramics Limited as a going concern, including all assets except avoidance transactions and bank accounts.

Comprehensive Liability Discharge

The NCLT order provides sweeping relief regarding historical liabilities and compliance issues. All debts and liabilities of Euro Ceramics Limited for the period prior to the confirmation letter date have been deemed extinguished and fully discharged under the Insolvency and Bankruptcy Code provisions.

The tribunal specifically addressed multiple categories of discharged obligations:

Capital Structure and Regulatory Relief

The NCLT order addresses the extinguishment of existing paid-up capital subject to approvals from the Securities and Exchange Board of India (SEBI) and relevant stock exchanges. Euro Ceramics Limited has formally requested BSE Limited to proceed with delisting following this comprehensive order.

Key regulatory provisions include permission for the successful bidder to obtain or renew requisite approvals within one year, with authorities directed to grant approvals after fulfilling procedural formalities without imposing historical costs or fines. The order also mandates that the jurisdictional Registrar of Companies change the corporate debtor's status from "under liquidation" to "active" and permits filing of annual returns for financial years 2019-2024 without additional delay fees.

Operational Continuity and Management Transfer

The tribunal confirmed that all rights, title, ownership and interest in Euro Ceramics Limited and its assets shall vest in the corporate debtor under Jaquar And Company's ownership and management. The existing suspended board of directors stands removed from the date of sale certificate issuance, with persons nominated by the successful bidder deemed appointed to the new board.

The order ensures operational continuity by directing utility providers to continue supply as required for going concern operations, provided necessary formalities and prescribed payments are complied with. All existing powers of attorney and authorizations issued by the corporate debtor to previous management stand revoked with immediate effect.