Euro Ceramics Ltd Acquisition Approved as Going Concern
The National Company Law Tribunal (NCLT) Mumbai Bench has approved the acquisition of Euro Ceramics Ltd as a going concern by Jaquar and Company Pvt. Ltd., following an e-auction process. Jaquar and Company Pvt. Ltd. placed a bid of Rs. 42,90,00,000 for the acquisition, which has been duly paid to the Liquidator.The tribunal’s order, issued following a hearing on August 13, 2025, outlines several conditions and reliefs for the successful bidder. These include extinguishing all liabilities and debts of Euro Ceramics Ltd. prior to the sale date and abating pending suits and investigations related to the Corporate Debtor.
Furthermore, the NCLT directed that the successful bidder can obtain or renew necessary approvals within one year and will not be held liable for violations or penalties incurred by Euro Ceramics Ltd. before the acquisition. The tribunal also stipulated that the relinquished security interest created in favor of secured creditors shall stand extinguished.
The tribunal noted that the sale of Euro Ceramics Ltd. as a going concern does not require prior approval and emphasized adherence to applicable laws for regulatory filings and tax implications. The order further directs the Registrar of Companies, Mumbai, to change the status of Euro Ceramics Ltd. from "under liquidation" to "active compliant."
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