NCLAT holds Kolkata Municipal Corporation as secured creditor in Talwalkars liquidation case

Published on : 24 Oct 2025, 1:51 pm 2 min read

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has held that the Kolkata Municipal Corporation (KMC) is a secured creditor in the liquidation proceedings of Talwalkars Better Value Fitness by virtue of the statutory charge created under Section 232 of the Kolkata Municipal Corporation Act, 1980 [Kolkata Municipal Corporation v. Liquidator of Talwalkars Fitness]

A coram of Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) modified the National Company Law Tribunal (NCLT) Mumbai’s July 19, 2024 order:

“ In view of the law laid down by the Hon’ble Supreme Court in above cases, appellant has a statutory charge by virtue of Section 2(32) of the Kolkata Municipal Corporation Act and the appell