Copy of Order
Awaiting price reaction for this filing.
The NCLT Mumbai Bench, in an order dated 26 February 2026, addressed the application of the successful bidder (Mr. Ravikumar Gaurishankar Patel) who acquired Talwalkars Better Value Fitness Limited as a going concern in its liquidation process for Rs. 15 crore. The company's Corporate Insolvency Resolution Process (CIRP) was initiated on 11 January 2021 on a petition by Axis Bank, and a liquidation order was passed on 28 April 2022. The NCLT allowed key reliefs including cancellation of all existing equity shares (held by old promoters and public shareholders) without any payout, issuance of new equity shares to the successful bidder, reconstitution of the board with the new management, and waiver of past liabilities to the extent permitted under Section 32A of the Insolvency and Bankruptcy Code. The Tribunal rejected broader relief requests (full tax waivers, licence continuity, and treating the acquisition as a resolution plan) as beyond its jurisdiction, directing the bidder to approach relevant authorities for those concessions.
For existing shareholders: their equity shares stand cancelled with no payout, meaning they lose their entire investment. For the stock: the company will be reconstituted with new promoters and management, and the acquirer will seek relisting on BSE and NSE. The acquisition is completed, signalling the end of the old Talwalkars entity and the start of a new business structure under the successful bidder.