NCLAT Orders Status Quo on Liquidator Appointment for Goenka Diamond & Jewels Limited

The National Company Law Appellate Tribunal (NCLAT) has issued a significant order regarding Goenka Diamond & Jewels Limited, directing a status quo on the liquidator appointment following appeals challenging the adjudicating authority's decision. The order was communicated to stock exchanges on December 10, 2025, by Resolution Professional Sourabh Malpani.

NCLAT Order Details

The NCLAT passed the order on December 9, 2025, in two consolidated appeals - Company Appeal (AT) (Insolvency) No. 1946 of 2025 and No. 1949 of 2025. The appeals were filed by different parties challenging the same underlying decision.

Parties to the Appeals

The first appeal (No. 1946 of 2025) was filed by Alchemist Asset Reconstruction Company Ltd. against Sourabh Malpani and others. The second appeal (No. 1949 of 2025) was filed by Navneet Nandlal Goenka against the same respondents. Both appeals challenge the adjudicating authority's order dated December 2, 2025, which rejected the resolution plan and appointed a liquidator.

Key Arguments and Tribunal's Direction

The appellants, representing the Committee of Creditors (CoC) with 67.02% vote shares and the Successful Resolution Applicant (SRA), argued that the adjudicating authority lacked jurisdiction under Section 30(2) to interfere with the CoC's plan approval. They contended that:

• No grounds under Section 30(2) were established for rejecting the resolution plan
• A liquidator should not have been appointed in this case
• If liquidator appointment was necessary, there was no reason to appoint a different person from the existing Resolution Professional

Interim Relief Granted

The NCLAT has provided significant interim relief by staying the liquidator appointment directions. The tribunal specifically ordered that the Resolution Professional, who has already been functioning, shall continue to keep the company as a going concern. This ensures business continuity during the appeal process.

Next Steps and Timeline

The NCLAT has set a structured timeline for the proceedings. Notice has been issued to all respondents, with Union Bank of India (R-1/RP) accepting notice. The appellants are required to provide contact details of respondents for proper service. The matter is scheduled for admission and disposal on January 8, 2026, indicating the tribunal's intent to resolve the matter expeditiously while ensuring all parties have adequate opportunity to present their cases.