AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
Mr. Ativ Patel, Ld. Counsel for the Applicant is present.
The present Interlocutory Application has been filed by the Applicant/SREI Equipment Finance Limited, seeking the appointment of new Liquidator in place of present one, who has since deceased.
It is submitted that the Applicant has been informed by an email dated 01.04.2025, addressed by the office of the Liquidator that the Liquidator has passed away on 16.03.2025. Due to his sudden demise, the office of the Liquidator has now become vacant.
It is further submitted that Mrs. Megha Agarwal, having her Registration No: IBBI/IPA-001/IP-P-01456/2018-2019/12272 has given her consent to act as the Liquidator and continue the Liquidation Process and the Authorization for Assignment of Mrs. Megha Agrawal is valid till 31.12.2025.
Hence, the Applicant being the sole SCC Member is filing the present Application, to appoint Mrs. Megha Agrawal as the Liquidator of the Corporate Debtor to occupy the office of Liquidator consequent upon demise of erstwhile Liquidator Late Mr. Ram Ratan Kanoongo.
Having considered the submissions, on perusal of the averments made in the present Interlocutory Application and in view of the above, it has become inevitable to appoint an Insolvency Professional as the Liquidator in place of deceased Liquidator to carry out the process futher. Accordingly, the Interlocutory Application bearing IA No. 2419 of 2025, is allowed, thereby appointing Mrs. Megha Agarwal, having her Registration No: IBBI/IPA-001/IP-P-01456/2018-2019/12272, to act as the Liquidator of the Corporate Debtor.
The Office of Late Mr. Ram Ratan Kanoongo, is hereby directed to handover all the records, papers, information, data, status report, etc. whatever available with them in the Physical or Electro format, to the newly appointed Liquidator of the Corporate Debtor forthwith, so that the Liquidator shall take effective control of Liquidation Process of the Corporate Debtor and shall take control of such other important information/documents that may impact Liquidation Process of the Corporate Debtor.
The Incoming Liquidator shall clear all the dues of Late Mr. Ram Ratan Kanoongo, in terms of provisions of the Code.
Needless to say, Mrs. Megha Agarwal is directed to move an Application seeking her impleadment as Liquidator in all the pending Applications, arising out of the present Company Petition, in place of Late Mr. Ram Ratan Kanoongo, if such substitution is required.
The Liquidator of the Corporate Debtor, Mrs. Megha Agarwal, is directed to make her best and dedicated efforts to discharge her duties and shall carry out her functions as contemplated under the Insolvency and Bankruptcy Code, 2016 and shall complete the Liquidation Process as early as possible, and shall file and place on record Periodical/Quarterly Progress Report(s) as contemplated in the Liquidation Regulations.
With the aforesaid observation and direction, the Interlocutory Application bearing IA No. 2419 of 2025, is disposed of. There will, however, be no order as to costs. Ordered Accordingly.