In the matter of UNIPLY INDUSTRIES LIMITED
- CitationIBA/751/2020
Ratio decidendi
The rule this decision rests on
The Tribunal may approve the replacement of a liquidator under Regulation 31A(11) of the IBBI (Liquidation Process) Regulations, 2016, read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, where the incumbent liquidator's registration has been suspended by the IBBI and the Stakeholders' Consultation Committee has unanimously recommended a replacement whose registration is valid and who has filed the requisite Form AFA; the Tribunal then appoints the recommended liquidator in place of the incumbent, directs handover of charge, and directs the new liquidator to proceed with the liquidation.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 10.06.2025 THROUGH VIDEO CONFERENCE PRESENT: HON'BLE SHRI SANJIV JAIN, MEMBER (JUDICIAL) HON'BLE SHRI VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) IN THE MATTER OF : Kishan Chand Suresh Kumar Vs Uniply Industries Ltd MAIN PETITION NUMBER : IBA/751/2020 (IA/MA) APPLICATION NUMBERS (New Application) IA/IBC/903(CHE)/2025 ORDER (New Application) IA/IBC/903(CHE)/2025 Present: Ms. Ranjana Jain, Ld. Counsel for Applicant/Liquidator. This Application has been filed under Regulation 31A(11) of IBBI (Liquidation Process) Regulations, 2016 r/w Section 60(5) of IBC, 2016 and Rule 11 of NCLT Rules, 2016 seeking the following relief(s): - “a. To approve the appointment of Ms. Santhanam Rajashree (IP Registration No. IBBI/IPA-002/IP-N00330/2017-18/10935) as the new Liquidator in place of Mr. Lingumgunta Venkata Shyam Sundar with immediate effect; and b. To pass such orders as this Tribunal may deem fit and necessary in the nature and circumstances of this case.” Heard and perused. This Tribunal vide an Order dated 03.05.2023, had ordered for liquidation of the Corporate Debtor and appointed Mr. Lingumgunta Venkata Shyam Sundar as the Liquidator. The IBBI vide its order dated 04.03.2025, after conducting the enquiry suspended the registration of Mr. Lingumgunta Venkata Shyam Sundar, for a period of 2 years. The matter was placed before the SCC on 19.05.2025, where the SCC after deliberation, unanimously resolved to recommend Ms. Santhanam Rajashree as the new Liquidator of the Corporate Debtor. The Minutes of the Meeting and Resolution are placed as Annexure 4 of the Application.
--2-- It is stated that the registration of Ms. Santhanam Rajashree is valid and she has given Form - AFA. Considering the above facts and the recommendation of the CoC, we allow the Application and appoint Ms. Santhanam Rajashree in place of Mr. Lingumgunta Venkata Shyam Sundar. Mr. Lingumgunta Venkata Shyam Sundar is directed to handover the charge, within a week to the new Liquidator Ms. Santhanam Rajashree and submit compliance. The Liquidator appointed is directed to proceed further in the liquidation process. IA/IBC/903(CHE)/2025 is disposed of.
-sd- -sd- [VENKATARAMAN SUBRAMANIAM] [SANJIV JAIN] MEMBER (TECHNICAL) MEMBER (JUDICIAL) MS Date: 10.06.2025
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