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Judgment
ORDER
Adv. Ritesh Itegde for the Petitioner is present.
This Application has been filed by Stakeholder Committee of Phalcomm Infra Solutions Private Limited through Kuber Financial Services, the sole Financial Creditor, under Section 60(5) of The Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of the NCLT Rules, 2016 seeking following reliefs;
a. allow the present Application;
b. Pass an order allowing the replacement of the existing Liquidator i.e. Uday Shreeram Sakrikar with the proposed Liquidator i.e. Mr. Manish Lalji Dawda having IP registration no. IBBI/IPA001/IP-P-02506/2021-2022/13797 to act as the Liquidator of the Corporate Debtor. c. Pass such other or further order I directions as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case and in the interest of justice.
On 30th June, 2025, the NCLT, Mumbai passed an order admitting the Corporate Debtor into liquidation and appointed Mr. Uday Shreeram Sakrikar (based in Pune) as the Liquidator. The Applicant herein has filed the instant application to replace the Liquidator as voted upon and approved by the Stakeholders in the Stakeholders Consultation Committee meeting of Phalcomm Infra Solutions Private Limited.
Stakeholders Consultation Committee in its First Meeting held on Monday, 14th July 2025 proposed to replace the existing Liquidator and appoint Mr. Manish Dawda by majority vote of 100% with a view that it would be beneficial to appoint a Liquidator who is based in Mumbai.
The Applicant has also procured the written consent of the proposed Liquidator, which was received on 14th July, 2025. It is also submitted that various functions in respect of the Corporate Debtor are yet to be performed by the Liquidator under IBC, 2016 namely, realization of assets through various means available and thereafter distribution of the net proceeds amongst its stakeholders.
Having considered the submissions of the Applicant, we are of considered view that the SCC has passed the resolution by requisite majority for appointment of Manish Dawda, Insolvency Professional, having Regn. No. IBBl/IPA-001/IP-P-02506/2021- 2022/13797, AFA Certificate No.: AAl/13797/02/300626/108270 (Valid up to - 30.06.2026) Address 205 A, 2nd Floor, Hiren Light Industrial Estate, Behind Johnson & Johnson, Mogul Lane, Bhagoji Kheer Marg, Mahim West, as the Liquidator in the matter of Liquidation Process of the Phalcomm Infra Solutions Private Limited, Corporate Debtor. Needless to say, the remuneration to the liquidator shall be payable in accordance with the Liquidation Regulations, or as decided by the SCC. The outgoing Liquidator shall handover the control and custody of information/documents/assets of the Corporate Debtor to the newly appointed Liquidator, and upon such handover, he shall stand discharged from his duties as liquidator.
In terms of above, IA 4037 of 2025 is allowed and disposed of.