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Judgment
ORDER
New IA-5529/ND/2025: The Prayer made in the captioned application reads thus:-
“(a)Directions may kindly be issued for the replacement of the Liquidator-respondent and for appointment of new Liquidator to complete the Liquidation Process of the Corporate Debtor;
(b)Directions may kindly be issued for appointment of the new Liquidator from the List of Professionals/Liquidators the recommended by the Insolvency and Bankruptcy Board of India (IBBI) in this regard;
(c)Any other order/direction may also kindly be passed/issued, which this Hon'ble Tribunal may deem appropriate in the facts and circumstances of the matter.”
Mr. Bhatt, Ld. Sr. Counsel appearing for current liquidator submitted that he has no objection to the aforementioned prayer.
Our attention is drawn to the minutes of the meeting of SCC Members dated 24.06.2025 to espouse that the members of the SCC have passed resolution for replacing the current liquidator with 100% vote share. The relevant excerpt of the minutes reads thus:-
In terms of the provision of Regulation 31(9) of IBBI (Liquidation Process) Regulation, 2016, the members of SCC with 90% vote share can replace the liquidator.
In the wake, we allow the application and direct the current liquidator to be replaced by Mr. Amarpal, IBBI/IPA-001/IP-P01584/2018-2019/12411, [email protected], Mobile No. 9717105008. It goes without saying that the fee of the liquidator would be paid in accordance with the law.