The case involves two appeals filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, arising from two orders dated 28.03.2025 and 29.04.2025 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-II) in IA No. 450(AHM)/2025 in Company Petition (IB) No. 354(AHM)/2024. The appeals concern the removal and replacement of a liquidator in a voluntary liquidation process.
The Corporate Debtor, Transmissions International India Private Limited (TIIPL), initiated voluntary liquidation under Section 59 of the IBC on 22.02.2024.
Mr. Umesh Ved was initially appointed as the liquidator of TIIPL on 21.03.2024.
Rs. 134.99 crores was repatriated to the majority shareholder of TIIPL, while Rs. 29 crores remained in the Corporate Debtor's bank account on 31.05.2024.
The shareholders of TIIPL passed a resolution on 18.09.2024 to replace the initial liquidator with Mr. Chandra Prakash Jain (Respondent No. 1).
Respondent No. 1 filed an application (IA No. 1834(AHM)/2024) seeking directions for the return of the repatriated money on 03.12.2024.
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The Corporate Debtor of Transmissions…
In an EGM, the shareholders of TIIPL passed…
The case involves two appeals filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, arising from two orders dated 28.03.2025 and 29.04.2025 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-II) in IA No. 450(AHM)/2025 in Company Petition (IB) No. 354(AHM)/2024. The appeals concern the removal and replacement of a liquidator in a voluntary liquidation process.
The Corporate Debtor, Transmissions International India Private Limited (TIIPL), initiated voluntary liquidation under Section 59 of the IBC on 22.02.2024.
Mr. Umesh Ved was initially appointed as the liquidator of TIIPL on 21.03.2024.
Rs. 134.99 crores was repatriated to the majority shareholder of TIIPL, while Rs. 29 crores remained in the Corporate Debtor's bank account on 31.05.2024.
The shareholders of TIIPL passed a resolution on 18.09.2024 to replace the initial liquidator with Mr. Chandra Prakash Jain (Respondent No. 1).
Respondent No. 1 filed an application (IA No. 1834(AHM)/2024) seeking directions for the return of the repatriated money on 03.12.2024.
…The Corporate Debtor of Transmissions…
In an EGM, the shareholders of TIIPL passed…