In the matter of PEARL VISION PRIVATE LIMITED
- Citation419(PB)/2018
Ratio decidendi
The rule this decision rests on
The Tribunal may, on an application by the Committee of Creditors under Section 34A read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, appoint a replacement Liquidator in place of one whose office has fallen vacant, where the replacement is nominated by the financial creditors' decision recorded in the minutes of their meeting and the nominee holds a valid Insolvency Professional registration.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI PRINCIPAL BENCH ITEM No. 03 (IB)-419(PB)/2018 IN THE MATTER OF: Indian Overseas Bank … Petitioner Vs. M/s. Pearl Vision Pvt. Ltd. … Respondent(s) Order under Section 7 of the IBC, 2016 (Liq.). Order delivered on 11.08.2026 CORAM: JUSTICE ANUPINDER SINGH GREWAL HON’BLE PRESIDENT SHRI RAVINDRA CHATURVEDI HON’BLE MEMBER (TECHNICAL) HYBRID HEARING (PHYSICAL & VC) PRESENT: For the Applicant : Mr. Dhrupad Vaghani a/w Adv. Gayatri Mohite & Adv. Ronit Doshi for Applicant - Indian Overseas Bank For the Respondent : ORDER New IA-3785/2026 1. The instant Application has been preferred by the CoC under Section 34A of the Code, read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking appointment of Mr Sandeep Kumar Bhatt as the Liquidator of the Corporate Debtor, in place of the erstwhile Liquidator, Mr Anil Kumar, whose office has fallen vacant on account of his demise. 2. Ld. Counsel for the Applicant submitted that the Joint Lenders’ Committee comprising of the secured Financial Creditors has decided to appoint Mr Sandeep Kumar Bhatt, Insolvency Professional bearing IBBI Registration No. IBBI/IPA-002/IP- N0I064-C01/2017-2018/10298 as the Liquidator of Pearl
Vision Private Limited (Corporate Debtor), in place of the erstwhile Liquidator, to complete the liquidation process of the Corporate Debtor. A copy of the Minutes of the said Joint Lenders' Meeting dated 13.07.2026 is annexed as "Exhibit C of the application. 3. Having heard the contentions raised by the applicant and perusing the application, we hereby appoint Mr Sandeep Kumar Bhatt, Insolvency Professional bearing IBBI Registration No. IBBI/IPA-002/IP-N0I 064-C01/2017-2018/10298 as the Liquidator in place of Mr Anil Kumar. 4. The Applicant is directed to make available a copy of this order to Mr Sandeep Kumar Bhatt, the new Liquidator, by all modes for information and necessary compliance. 5. The newly appointed Liquidator, Mr Sandeep Kumar, is directed to comply with all the directions given in the earlier orders. 6. Accordingly, IA-3785/2026 is allowed and disposed of.
-sd- (ANUPINDER SINGH GREWAL) PRESIDENT -sd- (RAVINDRA CHATURVEDI) MEMBER (TECHNICAL) DIPAK
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