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Judgment
ORDER
(New Application) IA/IBC/903(CHE)/2025
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.
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.