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In the matter of A TO Z BARTER PRIVATE LIMITED

National Company Law Tribunal3 September 2025

Ratio decidendi

The rule this decision rests on

The Adjudicating Authority may approve the resignation of a liquidator under Regulation 22A of the IBBI (Insolvency Professional) Regulations, 2016 where the Stakeholders Consultation Committee has recommended acceptance of the resignation, the resolution of the Committee carrying the requisite voting share is placed before it, and the resigning liquidator has been authorised to file the application. Where the Stakeholders Consultation Committee does not nominate a replacement insolvency professional on the resignation of a liquidator, the Adjudicating Authority may appoint a liquidator itself, selecting an insolvency professional from the panel of professionals maintained by the Insolvency and Bankruptcy Board of India.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

IN THE NATIONAL COMPANY LAW TRIBUNAL,NEW DELHI COURT IIIItem No. 104IB-643/ND/2018New IA-4274/2025IN THE MATTER OF:M/s. Inox Leisure Ltd …..APPLICANT/PETITIONERVsM/s. A to Z Barter Pvt. Ltd. ……RESPONDENTSECTIONU/s 9 of IBC, 2016 Order delivered on 03.09.2025CORAM:SHRI BACHU VENKAT BALARAM DAS,HON’BLE MEMBER (JUDICIAL)DR SANJEEV RANJAN,HON’BLE MEMBER (TECHNICAL)PRESENT:For the Applicant : Mr. K.D. Sharma, Advocate.For the Sus Board : Mr. Manoj Kumar Garg, AdvocateHYBRID HEARING (PHYSICAL & VC)ORDERNew IA-4274/2025:-This application has been filed seeking the following prayers:- That this Hon'ble Adjudicating Authority may be pleased toapprove the resignation of the Applicant-liquidator in terms ofRegulation 22A of the Insolvency and Bankruptcy Board ofIndia (Insolvency Professional) Regulations, 2016, and inaccordance with the recommendation of the Stakeholders'Consultation Committee. That this Hon'ble Adjudicating Authority may be pleased toappoint an Insolvency Professional to act as the liquidator ofcorporate debtor in place of the present Applicant-liquidatorIt is submitted that Mr. Sanjay Garg, was appointed as theLiquidator of the Corporate Debtor vide order dated 04.01.2021passed by this Adjudicating Authority. TheApplicant/Liquidator tendered his resignation vide letter dated14.07.2025 as per the provisions of Regulation 22A of the IBBI(Insolvency Professional) Regulations, 2016. The resignationletter was placed before the Stakeholders ConsultationCommittee (SCC) which comprises of Commissioner, CGST &CX, Delhi West having 97.00% votes, Mis Inox Leisure Limitedhaving 02.43% votes and Mis Qube Cinema TechnologiesPrivate Limited having 00.57% votes (Total 100% votes).

The members of the SCC recommended acceptance of resignation of the Applicant/Liquidator and in the 8th SCC meeting convened on 16.07.2025. The relevant extract of the said minutes are reproduced below:- “RESOLVED THAT resignation of Mr. Sanjay Garg (IBBI/IPA- 001/IP-P-01865/2019- 2020/1291) as Liquidator of A to Z Barter Private Limited, be and is hereby recommended by the Stakeholders Consultation Committee”

“RESOLVED FURTHER THAT Mr. Sanjay Garg be and is hereby authorized to file the necessary application before Adjudicating Authority for approval of resignation in terms of the aforesaid Regulation.”

Learned Counsel appearing for the Applicant/Liquidator also submitted that Stakeholders Consultant Committee was requested to nominate the name of Insolvency Professional to be appointed as the Liquidator of the Corporate Debtor. However, the SCC members did not nominate any such member. In this regard, Learned Counsel referred to the minutes of 8th meeting which is as under:- “The Chairman requested the SCC members to appoint any other Insolvency Professional as the Liquidator in place of Mr. Sanjay Garg upon his resignation. The SCC member, however, have not suggested any name, and thus, it was decided that the suitable prayer may be made before Hon’ble NCLT for appointment of new Liquidator.” In view of the submissions made by the Learned Counsel appearing for the Applicant and in view of the resolution passed by the SCC, accepting the resignation of the Applicant/Liquidator. The resignation of the Applicant/Liquidator is approved.

The SCC has not suggested the name of the IRP to be appointed as the Liquidator. Therefore, this Adjudicating Authority appoints Ms. Soniya Gupta, as the Liquidator of the Corporate Debtor from the available list of the panel of Resolution Professionals as maintained by the IBBI. The details of the Liquidator are as follows:- Reg. No : IBBI/IPA-002/IP-N01155/2021-2022/13863. Address : C-501, Shree Balaji CGHS Ltd., Plot No. 37, Sector-6, Dwarka, New Delhi – 110075, South West, National Capital Territory of Delhi, 110075. Contact No : 9811287070 Email ID : ipsoniyag@gmail.com In terms of the above directions, IA disposed of.

Sd/- Sd/- (DR SANJEEV RANJAN) (BACHU VENKAT BALARAM DAS) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

SHAMMY 03.09.2025

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