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Judgment
ORDER
Mr. Mayank Biyani, Ld. Counsel for the Applicants is present.
The present Interlocutory Application has been filed by the Applicant/Stakeholders’ Consultation Committee seeking replacement of the current Liquidator, Mr. Raj Kumar Dad, citing an inability to reach an agreement on Liquidator's remuneration and concerns regarding the effective management of the liquidation process.
It is submitted that the Stakeholders’ Consultation Committee held multiple meetings regarding the liquidation process. The Liquidator's request for increased remuneration was discussed, but no agreement was reached.
It is further submitted that during the Fourth Stakeholders’ Consultation Committee meeting held on 02.08.2024, a unanimous resolution has been passed to replace Mr. Raj Kumar Dad with Ms. Bhartee Daga, a registered Insolvency Professional, to conduct the Liquidation Process. The Resolution was made in the interests of ensuring an effective, transparent, and expedited Liquidation Process. Hence, the present Interlocutory Application.
Having considered the submissions and upon perusal of averments made in the Application, this Bench is satisfied and is of the considered view that the present Interlocutory Application is in consonance with Regulation 31A (11) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and the same is liable to be Allowed. Accordingly, the Interlocutory Application bearing IA No. 187 of 2025, is allowed, thereby appointing Ms. Bhartee Daga, having Registration No. IBBI/IPA-001/IP-P-01963/2020-21/13070, as the Liquidator of the Corporate Debtor in place of Mr. Raj Kumar Dad. Outgoing Liquidator is directed to handover whatever records, effects, documents, information available with him to the newly appointed Liquidator, who will take forward the Process, effectively. Liquidator is directed to make her best and dedicated efforts to complete the Liquidation Process as early as possible within this extended time and shall file and place on record Quarterly Progress Report, thereby apprising the Bench about the current stage of the Liquidation Process.
With the aforesaid observations and directions, the Interlocutory Application bearing IA No. 187 of 2025, is disposed of as Allowed.
Ordered Accordingly.