Mr. Yatin Jindal vs Pomergranate Coaters Private Limited

PER: DR. SANJEEV RANJAN, MEMBER (TECHNICAL)

This Application has been filed by Bank of Baroda, the Financial Creditor of the Corporate Debtor before this Adjudicating Authority under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 31A(11) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 to Substitute the Liquidator appointed by this Adjudicating Authority, and appoint the Liquidator as per the resolution passed by the Financial Creditor/ Applicant, in the fifth CoC meeting. The Applicant seeks the following relief:

a. An Application was filed by Mr. Yatin Jindal ("Financial Creditor") to initiate Corporate Insolvency Resolution Process ("CIRP") against Pomergranate Coaters Private Limited ("Corporate Debtor") under Section 7 of the Code filed before this Adjudicating Authority. This Adjudicating Authority vide order dated 15.09.2023 ("Admission Order") admitted the application and declared a moratorium and appointed Mr. Vinay Kumar Singhal as an Interim Resolution Professional. Subsequently, Mr. Vinay Kumar Singhal, the Applicant, was confirmed as the Resolution Professional by the CoC.

b. This Adjudicating Authority vide order dated 22.05.2025 allowed the Liquidation.A.-36/2024 filed by Mr. Devendra Umrao, the Resolution Professional of the Corporate Debtor filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016.

It is submitted that in the 5^th CoC Meeting convened on 11.12.2024, it was resolved by the consent of the members of the COC to appoint Mr. Vivek Bansal, Insolvency Professional bearing registration number IBBI/IPA-001/IP-P01475/2018-2019/12249, as the liquidator, subject to given consent to act as the liquidator of the Corporate Debtor. It was further Resolved that in pursuant to Regulation 4(2) of the IBBI (Liquidation Process) Regulations, 2016, the liquidator shall be entitled to a fee of Rs. 35,000 per month plus applicable taxes.

It is further submitted that this facts were duly placed before this Adjudicating Authority by way of an Additional Affidavit, thereby Praying before this Adjudicating Authority to allow the application filed by the Resolution Professional in accordance with the Resolution Passed by the CoC, and initiate Liquidation proceedings against the Corporate Debtor and further to appoint Mr. Vivek Bansal, Insolvency Professional bearing registration number IBBI/IPA-001/IP-P-01475/2018-2019/12249, along with consent form AA, Authorization for assignment in form B and Certificate of Registration of Mr. Vivek Bansal to be appointed as the liquidator in respect of the Corporate Debtor.

It is contended that the Regulation 31A(11) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, states that the consultation committee may, after obtaining the consent of the proposed liquidator in Form AA of the Schedule II, file for replacement of the Liquidator, after recording the reasons in writing and passing a resolution to the said effect with not less than Sixty-Six percent vote share.

Accordingly, the Applicant herein, being the sole financial creditor, endeavor to make a prayer thereby to substitute the name of the Insolvency Professional appointed by this Adjudicating Authority to act as a Liquidator in the present matter and in furtherance of the same, seeks the appointment of Mr. Vivek Bansal, Insolvency Professional, having IBBI Registration No. IBBI/IPA-001/IP-P-01475/2018-2019/12249, to act as a Liquidator in the present matter.

We have heard the arguments of the Ld. Counsel appearing for the Applicant and perused the records carefully.

In light of the above facts and circumstances, it is hereby ordered as follows: