# In the matter of Manish Jaju vs. CoC of Rajesh Landmark Projects Pvt. Ltd. and Anr.

> NCLAT judgment dated 2025-09-18. Citation: TCN-2025-NCLAT-00511. The appeal challenges the Adjudicating Authority's order dated 01.08.2025, which allowed the…

- **Court:** NCLAT
- **Order date:** 18 Sept 2025
- **Citation:** TCN-2025-NCLAT-00511
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-mumbai-bench-i/manish-jaju-vs-coc-of-rajesh-landmark-projects-pvt-ltd-and-anr-727cdcf5

## Summary

### Background

The appeal challenges the Adjudicating Authority's order dated 01.08.2025, which allowed the liquidation application but appointed Ms. Smita Gupta as the liquidator instead of the appellant, the erstwhile Resolution Professional (RP). The Adjudicating Authority relied on an IBBI circular dated 18.07.2023.

## Facts

The CIRP against Rajesh Landmarks Project Private Limited was initiated on 10.10.2022, and the appellant was appointed as RP.

The CoC resolved on 10.12.2024 not to approve the resolution plan and decided to liquidate the corporate debtor with 83.93% voting share.

The appellant filed IA Liquidation 14/2025, and the CoC resolved to appoint the appellant as liquidator.

The Adjudicating Authority allowed the liquidation application but appointed Ms. Smita Gupta as liquidator, relying on an IBBI circular dated 18.07.2023.

The appellant filed an appeal limited to the extent of the appointment of Ms. Smita Gupta as liquidator.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in appointing Ms. Smita Gupta as liquidator …

**Ratio:** Section 34(1) of the IBC mandates that the RP shall act as the liquidator unless replaced

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**Reasoning:** The legislative scheme of Section 34(1) is clear that subject to the RP giving his

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**Interpretation:** The power to replace the RP under Section 34(4) is limited to the circumstances

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**Application:** In this case, none of the circumstances under Section 34(4) were present, and

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Manish…
- **Respondents:** Rajesh Landmark…; The Committee of…; +1 more
- **Other parties:** Manish Motilal…
- **Advocates:** Devul D…; Pranjit Bhattachar…; +3 more

## Timeline

- **2022-10-10 — Initiation…**: CIRP against Rajesh Landmarks…
- **2024-12-10 — CoC Deci…**: CoC resolved not to approve the resolution plan and decided to liquidate the corporate…

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