# In the matter of K.S.OILS LIMITED

> Read the full IBC case summary for In the matter of K.S.OILS LIMITED. NCLT judgment dated 2025-10-09. Citation: TCN-2025-NCLT-01502.

- **Court:** NCLT
- **Order date:** 9 Oct 2025
- **Citation:** TCN-2025-NCLT-01502
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ksoils-limited-39066c1f

## Summary

### Background

The application was filed by the Liquidator seeking replacement due to his registration being suspended by IBBI. The SCC members did not pass a resolution for replacement, leading the Liquidator to approach the Adjudicating Authority.

## Facts

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.

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## Issues and analysis

### Issue 1: Whether the current Liquidator, Mr. Kuldeep Verma, should be replaced due to the suspension of his…

**Ratio:** A liquidator whose registration has been suspended by the IBBI for contraventions of the…

**Reasoning:** The IBBI Disciplinary Committee suspended Mr. Kuldeep Verma's registration for two years…

**Interpretation:** The court interpreted the suspension order from IBBI as a clear directive…

**Application:** Given the Liquidator's suspension and the SCC's inaction, the Adjudicating…

## Parties

- **Judges:** SANJEEV S…; Mohan P.…
- **Advocates:** For the Applicant:…

## Timeline

- **July 21, 2017 — CIRP Admi…**: NCLT Ahmedabad Bench admitted K.S. Oils Limited (Corporate Debtor) into CIRP under…
- **April 23, 2018 — Liquidation Application…**: Applicant filed an application for liquidation of the Corporate Debtor in IA No.165 of…

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