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Judgment
This application has been filed by one of the stakeholders, State Bank of India, which holds 57% voting share as a Member of the Committee of Creditors (CoC), seeking rectification of the liquidation order, which was passed on 11.07.2025, under Rule 154 of NCLT Rules.
We have heard the Ld. Counsels Mr. Pulkit Goyal & Ms. Ramneek Kaur Mann, appearing on behalf of the Applicant-Bank.
It is pointed out that as per the approval of the CoC, the RP in their Application IA(IBC)(LIQ.)/20(CH)/2024 had already proposed the name of Mr. Vijay Kishore Saxena for being appointed as a Liquidator. However, as per Para 8(iii) of the order dated 11.07.2025 some other Insolvency Professional namely-Mr. Vikas Rai Berry has been appointed as a Liquidator.
It is noted that as per the IBBI Letter dated 18.07.2023, the Liquidator has to be different from the RP and as the CoC itself had proposed some other name, then that name was to be considered for appointing as a Liquidator. However, inadvertently a name from panel was taken up for appointment of Liquidator.
Accordingly, we hereby rectify our order dated 11.07.2025 by amending Clause (iii) of Para 8 to appoint Mr. Vijay Kishore Saxena having registration No.IBBI/PA-001/IP-P01766/2019-2020/12708 as a Liquidator instead of Mr. Vikas Rai Berry. The Clause (iii) of Para 8 to be read as under:
8 (iii)
“According to section clause (b) of section (4) of Section 34 of the Code and in view of guidelines of IBBI (letter dated 18.07.2023 of IBBI), we appoint Mr. Vijay Kishore Saxena having registration No.IBBI/PA-001/IP-P01766/2019-2020/12708 as a Liquidator of the Corporate Debtor i.e. Bharat Papers Limited. The Liquidator so appointed shall complete the liquidation process as per the provisions of the Code r.w. the Insolvency and Bankruptcy Board of India (Liquidation Process), Regulations, 2016.”
Accordingly, IA(I.B.C)/1131(CH)2025 stands allowed and disposed of.