The appeal challenges an order dated 09.01.2026 passed by the National Company Law Tribunal (NCLT), Delhi Bench, which dismissed the Appellant's application seeking declaration of Edelweiss Asset Reconstruction Company Limited (EARCL) as a related party and allowed EARCL's application for replacement of the Appellant as Liquidator.
The Corporate Debtor, Tecpro Systems Limited, faced financial distress.
State Bank of India (SBI) assigned its debt of approximately Rs. 2200 crores to Edelweiss Asset Reconstruction Company Limited (EARCL) on 03.03.2015 for approximately Rs. 171 crores.
EARCL acquired further stakes from other lenders and became the dominant financial creditor.
EARCL actively participated in the management and affairs of the Corporate Debtor, including engaging Ernst & Young LLP (EY) for monitoring and advisory services.
EARCL filed a petition under Section 7 of the IBC, which was admitted on 07.08.2017, initiating the Corporate Insolvency Resolution Process (CIRP).
Venkatesan Sankaranarayanan was appointed as Interim Resolution Professional and later confirmed as Resolution Professional.
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State Bank of India assigned its debt to…
Corporate Insolvency…
The appeal challenges an order dated 09.01.2026 passed by the National Company Law Tribunal (NCLT), Delhi Bench, which dismissed the Appellant's application seeking declaration of Edelweiss Asset Reconstruction Company Limited (EARCL) as a related party and allowed EARCL's application for replacement of the Appellant as Liquidator.
The Corporate Debtor, Tecpro Systems Limited, faced financial distress.
State Bank of India (SBI) assigned its debt of approximately Rs. 2200 crores to Edelweiss Asset Reconstruction Company Limited (EARCL) on 03.03.2015 for approximately Rs. 171 crores.
EARCL acquired further stakes from other lenders and became the dominant financial creditor.
EARCL actively participated in the management and affairs of the Corporate Debtor, including engaging Ernst & Young LLP (EY) for monitoring and advisory services.
EARCL filed a petition under Section 7 of the IBC, which was admitted on 07.08.2017, initiating the Corporate Insolvency Resolution Process (CIRP).
Venkatesan Sankaranarayanan was appointed as Interim Resolution Professional and later confirmed as Resolution Professional.
…State Bank of India assigned its debt to…
Corporate Insolvency…