# In the matter of Nipan Bansal vs. Cheema Spintex Ltd. and Ors.

> NCLAT judgment dated 2025-12-01. Citation: TCN-2025-NCLAT-00618. The appeal was filed by the former Resolution Professional, Mr. Nipan Bansal, challenging the…

- **Court:** NCLAT
- **Order date:** 1 Dec 2025
- **Citation:** TCN-2025-NCLAT-00618
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nipan-bansal-vs-cheema-spintex-ltd-and-ors-64c0499a

## Summary

### Background

The appeal was filed by the former Resolution Professional, Mr. Nipan Bansal, challenging the Adjudicating Authority's decision to replace him as the liquidator of M/s Cheema Spintex Limited.

## Facts

Mr. Nipan Bansal, the appellant, was the former Resolution Professional for M/s Cheema Spintex Limited.

The Corporate Debtor, M/s Cheema Spintex Limited, was put into liquidation by a resolution of the CoC on 12.07.2024.

Mr. Bansal gave his consent to be appointed as the liquidator as per Sec.34(1) of the IBC.

The Adjudicating Authority ordered liquidation on 08.05.2025 but appointed Mr. Arun Gupta as the liquidator, relying on an IBBI circular dated 18.07.2023.

The CoC had recommended Mr. Bansal's appointment as liquidator.

Mr. Bansal filed a writ petition before the Punjab & Haryana High Court challenging the Adjudicating Authority's decision, which was dismissed.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's reliance on the IBBI circular dated 18.07.2023 to change the …

**Ratio:** The tribunal did not explicitly rule on the permissibility of the IBBI circular

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**Reasoning:** The tribunal considered that the CoC, with a majority voting share, was content with the

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**Interpretation:** The decision suggests a balancing act between adhering to statutory procedures

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**Application:** This case highlights the importance of CoC's preferences and the practical

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## Parties

- **Judges:** N. Sesha…; Arun Ba…; +1 more
- **Appellants:** Nipan B…
- **Respondents:** M/s Cheema…; Arun G…; +2 more
- **Advocates:** Rajansh T…; Sidharth T…; +5 more

## Timeline

- **2024-07-12 — Liquidation…**: The CD was put to liquidation…
- **2025-05-08 — Adjudicating Authority…**: The Adjudicating Authority ordered liquidation of the CD and appointed Mr. Arun Gupta as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 34(1) — Appointment of liquidator and fee to be paid](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-34)

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