# In the matter of Ramachandran Subramanian vs. Anil Kohli and Ors.

> NCLAT judgment dated 2026-03-10. Citation: TCN-2026-NCLAT-00050. The appeal challenges an order dated 09.01.2026 passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 10 Mar 2026
- **Citation:** TCN-2026-NCLAT-00050
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ramachandran-subramanian-vs-anil-kohli-and-ors-b3404676

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether the Liquidator/Appellant has the locus to …

**Ratio:** A Liquidator does not possess any personal right to continue in the liquidation process

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**Reasoning:** The office of Liquidator is functional and fiduciary in nature, and continuation depends

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**Interpretation:** Section 61 of the IBC permits an appeal by a 'person aggrieved,' but removal

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**Application:** The Appellant, being merely a professional, cannot claim to be an 'aggrieved

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## Parties

- **Judges:** Ashok Bh…; Indevar P…
- **Appellants:** Ramachandran…
- **Respondents:** Tecpro Systems…; Anil K…; +4 more
- **Other parties:** State Bank of…; Venkatesan…
- **Advocates:** Gaurav…; Mohit S…; +12 more

## Timeline

- **03.03.2015 — Debt Assi…**: State Bank of India assigned its debt to Edelweiss Asset Reconstruction Company Limited…
- **07.08.2017 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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