In the matter of CHINAR RETAILS AND INFRASTRUCTURE PVT. LTD.
- CitationIA(Liq)/6(MP)2025
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority, acting on the remand by the Appellate Authority, may appoint a liquidator afresh in the liquidation proceedings, subject to first confirming the empanelment and eligibility of the proposed appointee. Upon the appointment of a new liquidator, the erstwhile liquidator is bound to hand over all files, documents, records, papers and data relating to the liquidation of the corporate debtor to the newly appointed liquidator, so that the liquidation process continues without hindrance.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH COURT NO. 1 ITEM No.3 IA(Liq)/6(MP)2025 in IA(Liq.)/3(MP)2024 in CP(IB)/54(MP)2023 Proceedings under Section Rule 11 IN THE MATTER OF: CoC Represented through Omkara Assets Reconstruction ........Applicant Pvt Ltd
Coram: Hon’ble Shri Brajendra Mani Tripathi, Member (J) Hon’ble Shri Man Mohan Gupta Member (T)
PRESENT: For the Applicant : Ms. Kiran Sharma, Adv. a.w. Mr. Rajat Lohia, Adv. (online) For the erstwhile Liquidator: Ms. Ayushi Patidar, PCA (physical) ORDER Delivered on 15/12/2025 IA(Liq)/6(MP)2025 This is an application filed by the Applicant under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking the following reliefs: (i) Appointment of M/s Stress Credit Resolution Private Limited as the Liquidator of the Corporate Debtor; and (ii) Direction to the erstwhile Liquidator, Ms Mayuri Daga, to hand over forthwith all files, documents, records, and papers pertaining to the liquidation proceedings of the Corporate Debtor to the newly appointed Liquidator, i.e., M/s Stress Credit Resolution Private Limited, so as to ensure that the liquidation process is carried out without any hindrance. Pursuant to the order of the Hon’ble NCLAT, which remanded the matter and set aside the earlier orders dated 11.06.2025 passed in I.A. (Liq.) No. 1/MP/2025 in C.P. (IB) No. 53/MP/2023 and I.A. (Liq.) No. 3/MP/2024 in C.P. (IB) No. 54/MP/2023.
Subject to confirmation of the empanelment/eligibility of M/s Stress Credit Resolution Pvt. Ltd., this Adjudicating Authority proceeds to appoint M/s Stress Credit Resolution Private Limited as Liquidator, consistent with the remit after remand. The erstwhile Liquidator, Ms. Mayuri Daga, is directed to forthwith hand over all files, documents, records, papers and data pertaining to the liquidation of the Corporate Debtor to the newly appointed Liquidator, so that the process continues without hindrance. The erstwhile Liquidator shall also place on record the status of the liquidation proceedings, in terms of the Hon’ble NCLAT’s directions, by filing separate interlocutory applications, if so advised. In view of the foregoing directions and the remand order of the Hon’ble NCLAT, I.A. (Liq.) No. 6/MP/2025 stands allowed and is hereby disposed of.
Sd/- Sd/- MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI MEMBER (TECHNICAL) MEMBER (JUDICIAL) Neeraj
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