Hema Manoj Shah. Liquidator Of Shivam ... vs Asset Reconstruction Company (India) ...

Asset Reconstruction Company (I) Limited & Ors. ...Respondents

Present: For Appellant : Mr. Abhishek Anand, Advocate

ORDER

19.09.2019 Learned counsel for the Appellant submits that there is a

personal difficulty of Appellant -'Ms. Hema Manoj Shah' (Liquidator) and request

was made for appointment of some other 'Liquidator'. However, without any

consent of the Appellant in terms of Section 34 of the I&B Code, the Adjudicating

Authority has appointed the Appellant as 'Liquidator'.

In the facts and circumstances of the case, without deliberating on the

issue, we remit the matter to the Adjudicating Authority with a direction to

consider the case of the Appellant for releasing her as 'Liquidator'. If she has

not given consent under Section 34 of the I&B Code and for personal reasons,

she wants to be released from the 'Liquidator', it will be desirable to release her

and to appoint some other person as 'Liquidator'. The Adjudicating Authority

will reconsider the matter and pass appropriate order and if necessary may call

for name of any 'Interim Resolution Professional' from the 'Insolvency and

Bankruptcy Board of India' and appoint him/her as the 'Liquidator'. The -2-

Adjudicating Authority will pass appropriate order within 10 days from the

receipt of communication or production of this order.

In the meantime, the Appellant will continue as 'Liquidator' till the

appointment of new 'Liquidator'.

The appeal stands disposed of with aforesaid observations.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice A.I.S. Cheema ] Member (Judicial)

[ Kanthi Narahari ] Member (Technical) /ns/gc

Company Appeal (AT) (Insolvency) No. 963 of 2019