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Judgment
ORDER
Ld. Counsel Mr. Edward is present for the Applicant.
Ld. Counsel Mr. Avinash Krishnan Ravi is present for the Respondent.
Heard.
This is an Application seeking appointment of the new liquidator in place of Mr. Palaniappan. The SCC recommended the same in its meeting held on 12.02.2025, and recommended appointment of Mr. Ragavendran.
The present application is filed for following relief.
Allow replacement of the current Liquidator, Mr. Palaniappan by the Proposed Liquidator, Mr. R. Raghavendran for timely liquidation of the Corporate Debtor.
ii) Pass such other orders as this Hon'ble Tribunal may deem fit in the facts and circumstances of the case and thus render justice.
It is submitted that the Corporate Debtor was admitted by the Hon'ble Tribunal is Corporate IRP vide order dated April 23, 2018 and subsequently Mr. N.Ravindranath was appointed as a Interim Resolution Professional.
Subsequently the committee of creditors resolved to appoint Mr. Ram Ratan Konoongoo as Resolution Professional and the same has been approved by this Hon'ble Tribunal vide order dated June 21, 2018.
Subsequently in 5th CoC meeting held on September 19, 2018 the CoC has recommended to Liquidate the Corporate Debtor and the Liquidation process was initiated by this Tribunal against the Corporate Debtor vide order dated January 3, 2020 in MA.547 of 2018.
In pursuant to which this Hon'ble Tribunal vide order dated 25th February 2020 appointed Mr.Palaniappan as the Liquidator of the Corporate Debtor.
It is submitted that Stake Holders Consultation Committee in terms of Regulation 31A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and the Liquidator took control of the management of the affairs of the Corporate Debtor from the date of his appointment . It was further submitted that the Liquidation Process has been lingering on for the last 5 years without much progress and hence the secured financial creditors vide Meeting dated January 21, 2024 has unanimously decided to replace the Liquidator.
In 11th SCC Meeting dated 7th February 2025, the share holders has resolved to vote on the resolution for change the Liquidator and the same has been approved by majority vote of 75.2852% by the members of SCC and further it was resolved to replace Mr.S.Palaniappan with Mr.R.Raghavendran, (IBBI Registration No.IBBI/IPA-001/IP-P00211/2017-18/10411) as the Liquidator of the Corporate Debtor.
Mr. R. Raghavendran is appointed Liquidator. He is directed to take over the charge and finish Liquidation Proceedings as early as.
On the above discussion we allow the Application.
Application is Allowed.
Heard the parties and upon perusal of the documents, records the present application is Allowed.
IA disposed off.