The applicant, Mr. Kuldeep Verma, acting as the Resolution Professional and later Liquidator for K.S. Oils Limited, sought to be replaced to ensure the continuity and effective administration of the liquidation process. He expressed his desire to step down on April 10, 2025. The Stakeholders Consultation Committee (SCC) did not propose an alternative Insolvency Professional for over four months, which hindered the progress of ongoing cases. Consequently, the applicant filed an application for the appointment of a liquidator from the Adjudicating Authority's empaneled list.

The applicant, Mr. Kuldeep Verma, acting as the Resolution Professional and later Liquidator for K.S. Oils Limited, sought to be replaced to ensure the continuity and effective administration of the liquidation process. He expressed his desire to step down on April 10, 2025. The Stakeholders Consultation Committee (SCC) did not propose an alternative Insolvency Professional for over four months, which hindered the progress of ongoing cases. Consequently, the applicant filed an application for the appointment of a liquidator from the Adjudicating Authority's empaneled list.