# In the matter of Vinod Singh vs. Chandra Prakash Jain and Ors.

> NCLAT judgment dated 2025-05-30. Citation: TCN-2025-NCLAT-00358. The case involves two appeals filed under Section 61 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLAT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLAT-00358
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vinod-singh-vs-chandra-prakash-jain-and-ors-97bb185a

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority had the jurisdiction to interfere with the Corporate Debtor's …

**Ratio:** Section 59 of the IBC and Regulation 5 of the Voluntary Liquidation Regulations govern

…

**Reasoning:** The statutory provisions provide an enabling framework for the Directors and Shareholders

…

**Interpretation:** The Adjudicating Authority does not have the jurisdiction to force status quo

…

**Application:** The Adjudicating Authority's order directing the continuance of Respondent No.1

…

## Parties

- **Judges:** Ashok Bh…; N Sesha…; +1 more
- **Appellants:** Vinod S…
- **Respondents:** Transmissions…; Chandra Prakash…; +5 more
- **Other parties:** Umesh…
- **Advocates:** Abhijeet…; Divyam Ag…; +12 more

## Timeline

- **2024-02-22 — Resolution for…**: The Corporate Debtor of Transmissions International India Private Limited (“TIIPL”)…
- **2024-03-21 — Appointment of First…**: In an EGM, the shareholders of TIIPL passed resolutions consenting to the voluntary…

## 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)

---

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/vinod-singh-vs-chandra-prakash-jain-and-ors-97bb185a