# In the matter of Omkara Asset Reconstruction Pvt. Ltd. vs. Amit Vijay Karia and Anr.

> NCLAT judgment dated 2025-12-01. Citation: TCN-2025-NCLAT-00617. The appeals challenge the Adjudicating Authority's decision to appoint a liquidator different…

- **Court:** NCLAT
- **Order date:** 1 Dec 2025
- **Citation:** TCN-2025-NCLAT-00617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/omkara-asset-reconstruction-pvt-ltd-vs-amit-vijay-karia-and-anr-6d1d1fbd

## Summary

### Background

The appeals challenge the Adjudicating Authority's decision to appoint a liquidator different from the one chosen by the Committee of Creditors (CoC). The CoC had appointed AAA Insolvency Professionals LLP and Stress Credit Resolution Pvt Ltd (SCRIL) as liquidators, but the Adjudicating Authority appointed the second respondent in each case as liquidator, overlooking the CoC's choice.

## Facts

The appellant in both cases is the same and has 100% voting share in one case and about 98% voting share in the other case.

The CIRP failed, and the CoC resolved that the corporate debtor must go to liquidation.

Earlier, during the CIRP, the CoC had appointed two separate RPs in both cases.

When liquidation was ordered, the CoC named AAA Insolvency Professionals LLP and Stress Credit Resolution Pvt Ltd (SCRIL) as the liquidators.

The Adjudicating Authority appointed the second respondent in each case as a liquidator, who was neither the RP appointed during the CIRP nor the candidate of the CoC's choice.

The IBBI issued a circular on 18.07.2023 instructing that the RP and the liquidator cannot be the same person or entity.

…

## Issues and analysis

### Issue 1: Whether the CoC or the Adjudicating Authority …

**Ratio:** The CoC has the authority to select the candidate for replacing the RP for the purposes

…

**Reasoning:** Sec.27 IBC vests the right to appoint a resolution professional (RP) with the CoC, and

…

**Interpretation:** The IBC scheme prioritizes the CoC's decision in appointing the liquidator,

…

**Application:** The Adjudicating Authority is required to appoint AAA Insolvency Professionals

…

## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Omkara Assets…; The Committee of…
- **Respondents:** Chinar Realty…; Chinar Retails…; +3 more
- **Other parties:** AAA Insolvency…; Stress Credit…
- **Advocates:** Abhijeet…; Kiran S…; +12 more

## Timeline

- **2025-12-01 — Order Da…**: Date of the order passed by the…
- **2025-06-11 — Order Date by…**: Date of the order passed by the Adjudicating Authority (National Company Law Tribunal,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 27 — Replacement of resolution professional by…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-27)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/omkara-asset-reconstruction-pvt-ltd-vs-amit-vijay-karia-and-anr-6d1d1fbd