{"id":270018,"date":"2022-07-13T16:00:08","date_gmt":"2022-07-13T10:30:08","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=270018"},"modified":"2025-05-15T12:44:04","modified_gmt":"2025-05-15T07:14:04","slug":"nclt-when-can-a-liquidator-in-a-liquidation-process-be-replaced-elucidates","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclt-when-can-a-liquidator-in-a-liquidation-process-be-replaced-elucidates\/","title":{"rendered":"NCLT| When can a liquidator in a liquidation process be replaced?"},"content":{"rendered":"
\n

National Company Law Tribunal, Chennai<\/span>: The Bench of S. Ramathilagam, J., Judicial Member, and Anil Kumar B, Technical Member held that the tribunal has the power to replace the liquidator of a Corporate Debtor in a liquidating process if the tribunal finds necessary grounds for such replacement.<\/p>\n

Factual Background and Submissions made<\/p>\n

A Corporate Insolvency Resolution Process was initiated against the Corporate Debtor, the applicant on 25-02-2019. On 29-05-2020 the liquidation process was initiated and Mr. Venkata Sivakumar was appointed as the Liquidator (respondent) for the liquidation process of the applicant.<\/p>\n

The applicant submitted that the respondent did not process a valid Authorisation for Assignment as required under Regulation 7 A of the Insolvency and Bankruptcy Board of India (Resolution Professionals) Regulations, 2016 on the date of appointment as the liquidator, and therefore sought removal of the respondent as the liquidator.<\/p>\n

The respondent submitted that there is no provision under the Insolvency and Bankruptcy Code, 2016<\/a> (hereinafter as IBC) to change the liquidator, and also the liquidator cannot be changed at the behest of the stakeholders unless or otherwise a serious allegation of corruption has been made.<\/p>\n

Analysis and decision<\/p>\n

Firstly, the Bench observed the provision under Section 16<\/a> of the General Clauses Act, 1897<\/a> which states that the power to appoint includes the power to suspend or dismiss. Therefore, the Bench opined that when Section 16<\/a> is being read with Section 33<\/a> of the IBC<\/a>, the tribunal which has the power to appoint a person, equally has the power to suspend or dismiss the Liquidator, in the absence of any specific powers conferred thereto. Hence, the tribunal has the power to dismiss the liquidator under Sections 33<\/a> and 34<\/a> of the IBC<\/a>.<\/p>\n

Further, the Bench observed that the provisions of IBC do not explicitly state the grounds on which the liquidator can be removed. Therefore, in the absence of such provisions, provisions under Section 276<\/a> of the Companies Act, 2013<\/a> have to be considered to determine the removal of the Liquidator. As per the provision under the section, a liquidator may be removed or replaced on the grounds of misconduct, fraud, professional incompetence, inability to act, due care and diligence, etc.<\/p>\n

Therefore, the bench held that in the present case, the respondent failed to exercise due care and diligence in the performance of the powers and functions while discharging his duties as a liquidator as he had shared the valuation report with the prospective scheme proponents. Therefore, he was required to be replaced.<\/p>\n

Hence, NCLT allowed the application for the removal of the liquidator under Section 60(5)<\/a> of the IBC<\/a> read with Rule 11 of the National Company Law Tribunal Rules, 2016<\/a> and Section 276<\/a> of the Companies Act, 2013<\/a>.<\/p>\n

[IDBI Bank Ltd. Represented by Dy General Manager v. V. Venkata Sivakumar, 2022 SCC OnLine NCLT 212<\/a>, decided on 01-07-2022<\/span>]<\/p>\n

\n

Advocates who appeared in this case :<\/p>\n

Varun Srinivasan, NVS & Associates, Advocates, for the Applicant;<\/p>\n

V. Venkata Sivakumar, Party in Person, Advocate, for the Respondents.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

National Company Law Tribunal, Chennai: The Bench of S. Ramathilagam, J., Judicial Member, and Anil Kumar B, Technical Member held that the <\/p>\n","protected":false},"author":67011,"featured_media":268665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[27634,30596,50174,30361,22064,42971,34534,50173],"class_list":["post-270018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-companies-act","tag-corporate-debtor","tag-grounds-for-replacement-or-removal-of-liquidator","tag-ibc","tag-insolvency-and-bankruptcy-code","tag-liquidation-process","tag-liquidator","tag-removal-or-replacement-of-liquidator"],"yoast_head":"\nNCLT| When can a liquidator in a liquidation process be replaced? | SCC Times<\/title>\n<meta name=\"description\" content=\"power to replace the liquidator of a Corporate Debtor in a liquidating process if the tribunal finds necessary grounds for such replacement\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclt-when-can-a-liquidator-in-a-liquidation-process-be-replaced-elucidates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT| When can a liquidator in a liquidation process be replaced?\" \/>\n<meta property=\"og:description\" content=\"power to replace the liquidator of a Corporate Debtor in a liquidating process if the tribunal finds necessary grounds for such replacement\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclt-when-can-a-liquidator-in-a-liquidation-process-be-replaced-elucidates\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-13T10:30:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-15T07:14:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1331\" \/>\n\t<meta property=\"og:image:height\" content=\"888\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclt-when-can-a-liquidator-in-a-liquidation-process-be-replaced-elucidates\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclt-when-can-a-liquidator-in-a-liquidation-process-be-replaced-elucidates\/\",\"name\":\"NCLT| When can a liquidator in a liquidation process be replaced? 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Venugopal, J. and Naresh Salecha* (Technical Member) held that the Adjudicating Authority which had the powers to appoint the Liquidator also have the power to remove the \u2018Liquidator for any fit, just, valid and proper reasons. \u201c\u2026no\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":281212,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/07\/corporate-insolvency-resolution-process-cirp-corporate-debtor-liquidation-refund-allowed-appeal-partly-allowed-no-inconsistency-s-11b-of-the-central-excise-act-1944-s-335-ibc\/","url_meta":{"origin":270018,"position":1},"title":"No inconsistency between Section 33 IBC and Section 11-B of the Central Excise Act, 1944; NCLAT partly allows appeal","author":"Editor","date":"January 7, 2023","format":false,"excerpt":"In the present case, a Liquidator filed an application before for release\/refund of unlawful payment by the applicant. The Tribunal, partly allowing the appeal, upheld the refund of the amount of Rs.25,46,588\/- and of the amount of Rs.1,08,797\/- as no application for refund was filed for the said amount.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":230370,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/02\/removal-of-a-liquidator-under-ibc\/","url_meta":{"origin":270018,"position":2},"title":"Removal of a Liquidator under IBC","author":"Bhumika Indulia","date":"June 2, 2020","format":false,"excerpt":"by Kondapalli Sai Sumed Yasaswi*","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":217442,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/29\/ibbi-notifies-amendments-to-regulations-in-regard-to-liquidation-process-90-days-for-completion-of-compromise\/","url_meta":{"origin":270018,"position":3},"title":"IBBI notifies amendments to regulations in regard to liquidation process; 90 days for completion of compromise","author":"Bhumika Indulia","date":"July 29, 2019","format":false,"excerpt":"The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Insolvency and Bankruptcy Board of India (IBBI) notified the: Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":93371,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/20\/the-insolvency-and-bankruptcy-board-of-india-liquidation-process-regulations-2016-notified\/","url_meta":{"origin":270018,"position":4},"title":"The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, notified","author":"Saba","date":"December 20, 2016","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (Board), in exercise of its powers conferred under Section 240 of the Insolvency and Bankruptcy Code, 2016 (Code), has notified the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. These Regulations inter alia provide for the details of activities from issue\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":260991,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/02\/epc-construction-resolution\/","url_meta":{"origin":270018,"position":5},"title":"EPC Construction Resolution: NCLAT allows distribution of Rs 223 crores from available cash balance among creditors and lenders","author":"Editor","date":"February 2, 2022","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The Bench of Justice Ashok Bhushan (Chairperson) and Dr. Alok Srivastava (Technical Member) allowed distribution of INR 223 crore from the cash balance available with EPC Construction among its creditors and lenders. The instant appeal was filed by IDBI Bank in its capacity as\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/270018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=270018"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/270018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/268665"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=270018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=270018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=270018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}