In the matter of VINDHYAVASINI CORPORATION PRIVATE LIMITED
- CitationIA 2303/ 2025 in CP (IB)/65(MB) 2020
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may replace a liquidator on an application by the Committee of Creditors holding a majority voting share, where the incumbent consents or is not objecting, the proposed replacement's written consent, authorisation for assignment and certificate of registration are placed on record, and the authorisation remains valid; upon such replacement, the proposed insolvency professional may be appointed as liquidator in place of the incumbent.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Section 7 of the Insolvency and Bankruptcy Code, 2016 Order Delivered on: 18.07.2025 CORAM: SH. SUSHIL MAHADEORAO KOCHEY SH. CHARANJEET SINGH GULATI MEMBER (J) MEMBER (T) Appearance through VC/Physical/Hybrid Mode: For the State Bank of India In IA/2303/25: Adv. Abdullah Qureshi (PH) For the Liquidator: Naren Sheth (VC) For the Applicant In IA /544/2024: Adv. Samuel Abraham (PH) ORDER IA2303/2025: This IA has been filed by the State Bank of India holding voting share of 90.49% in the CoC for replacement of the Liquidator. Ld. Counsel for the Applicant herein submits that no substantial progress has been made in the process of liquidation and also the current liquidator is under suspension requiring the replacement. The current Liquidator Mr. Naren Sheth has logged in through VC and submits that he has no objection to the proposed replacement. It is also noted that the written consent and the authorization for assignment and the certificate of registration of the proposed liquidator has been placed along with this IA. Authorization is valid till 31.12.2025. Accordingly, Mr. Mukesh Khaturia having Registration No. IBBI/IPA-001/IP- P01216/2018-2019/11925 as proposed by the Applicant herein is appointed as the new liquidator to conduct the liquidation process of the Corporate Debtor in place of Mr. Naren Sheth. This IA is accordingly allowed and disposed of. IA/544/2024 & IA4609/2024: In IA/544/2024 the liquidator is the Respondent whereas in IA/4609/2024 the liquidator is the Applicant. In view of the order passed in IA/2303/2025 replacing the Liquidator and appointment of new liquidator, the Ld. Counsels for the Applicant and the Respondents respectively in these IAs submit that they would have to undertake the substitution and they will undertake the necessary action of amending the Cause Title. Let the same be done within 1 week. List these IAs for further consideration on 09.09.2025.
sd/- sd/- CHARANJEET SINGH GULATI SUSHIL MAHADEORAO KOCHEY Member (Technical) Member (Judicial) /Arjun/
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