Delhi High Court - Orders
Sbs Logistics Singapore Pte Ltd vs Sbs Transpole Logistics Private ... on 11 February, 2026
$~32
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P.(EFA)(COMM.) 4/2018, EX.APPL.(OS) 584/2019,
EX.APPL.(OS) 852/2021, EX.APPL.(OS) 1241/2025, I.A.
8439/2018, I.A. 8440/2018, I.A. 17606/2018, I.A. 2222/2019 & I.A.
6931/2019
SBS LOGISTICS SINGAPORE PTE LTD .....Decree Holder
Through: Mr. Deepanjan Dutta, Adv.
versus
SBS TRANSPOLE LOGISTICS PRIVATE LIMITED
.....Judgement Debtor
Through: Mr. I.P.S. Oberoi, Mr. R.K.
Srivastava & Mr. Bhwani
Shrivastava, Advs.
CORAM:
HON'BLE MR. JUSTICE AVNEESH JHINGAN
ORDER
% 11.02.2026
EX.APPL.(OS) 852/2021
1. This application is filed on behalf of applicant/liquidator for vacation of interim protection dated 04.07.2018.
2. In the execution filed by SBS Logistics Singapore PTE Ltd, following order was passed on 04.07.2018:
"CAV 591/20181. The caveat stands discharged since the caveator entered appearance.
O.M.P.(EFA)(COMM.) 4/2018 and I.A. Nos.8439-40/2018
2. Issue notice.
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/02/2026 at 20:43:44 2.1 Mr. Sameer Jain accepts notice on behalf of the respondent.
3. Learned counsel for the respondent seeks and is granted four weeks time to file a reply.
4. In the meanwhile, the respondent is restrained from dealing with immovable assets referred to in schedule I i.e., serial numbers 1 to 3, which would include investments in shares of the companies whose names are reflected in the table below serial no. 4.
4.1 Furthermore, the respondent will also disclose by way of an affidavit its assets which would include immovable and movable assets as well as the current balances in its various bank accounts held by it de-hors the information given in schedule II.
5. Renotify the matter on 27.11.2018."
3. The liquidation proceedings under the Insolvency and Bankruptcy Code, 2016 were initiated and the judgement debtor company has been ordered to be liquidated. The liquidator has filed this application for vacation of the stay order to enable the liquidator to carry out the auction of the properties of the judgement debtor.
4. The liquidator has filed an affidavit dated 23.01.2026. The relevant part of the affidavit is reproduced below:
"5. The deponent submits that Regulation 32(1) of the aforesaid Liquidation Regulations states that "The liquidator shall ordinarily sell the assets of the corporate debtor through an auction in the manner specified in Schedule-I". In terms of the said schedule, the liquidator has to sell the assets only through an electronic auction platform empanelled by the IBBI. A copy of the Schedule-I titled as 'Mode of Sale' is annexed and marked as ANNEXURE-A-2.
6. That in view of the foregoing, the deponent as the liquidator of the JD company is required to carry on the sale of assets of This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/02/2026 at 20:43:44 the JD in terms of the procedure stipulated in the said Liquidation Regulations and accordingly proposes as under:-
(i) The liquidator will fix the base price of the various assets of the JD including the aforesaid shares of Atlas Logistics Pvt.
Ltd. in terms of provisions of IBC I Liquidation Regulations strictly on the basis of valuation conducted / to be conducted by registered valuers in accordance with Regulation 35 of the Liquidation Regulations and convey the same to the DH, whereafter the DH or its parent company may quote its bid, for any one or more assets, which cannot be less than the Base Price, in a sealed cover. That subject to approval I advice of the SCC, such bid amount may be kept as the "Reserve Price"
for the public auction on an electronic auction platform to be conducted by the liquidator, in terms of the Liquidation Regulations.
(ii) Thereafter, the liquidator will put the assets of the JD company for sale by public auction through an electronic auction platform empanelled by IBBI in terms of procedure stipulated in the aforesaid Liquidation Regulations, wherein the public at large, including the DH or its parent may bid for any one or more assets, subject to compliances in terms of the Liquidation Regulations.
(iii) After concluding the sale in the manner proposed above, a report will be submitted to this Hon'ble Court as well as to the NCLT, New Delhi. The sale proceeds of the assets of the JD will be kept in an interest bearing fixed deposit with any public sector bank and the same will be distributed in tem1s of provisions of IBC, after getting permission from this Hon'ble Court."
5. In view of the affidavit filed by the liquidator, learned counsel for the non-applicant has no objection to the prayer in the application being accepted.
6. In view of the above, the application is allowed.
7. The liquidator is permitted to proceed with the sale of the properties This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/02/2026 at 20:43:44 of the judgement debtor in accordance with the terms and conditions mentioned in the affidavit dated 23.01.2026 filed in the court. O.M.P.(EFA)(COMM.) 4/2018, EX.APPL.(OS) 584/2019, EX.APPL.(OS) 1241/2025, I.A. 8439/2018, I.A. 8440/2018, I.A. 17606/2018, I.A. 2222/2019 & I.A. 6931/2019
8. Put up on 23.07.2026.
AVNEESH JHINGAN, J FEBRUARY 11, 2026 'ha' This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/02/2026 at 20:43:44