# In the matter of OSIL EXPORTS LIMITED

> NCLT judgment dated 2025-10-31. Citation: TCN-2025-NCLT-01578. The application IA(IBC)/1721(CH)2025 was filed by Bank of India on behalf of the SCC seeking…

- **Court:** NCLT
- **Order date:** 31 Oct 2025
- **Citation:** TCN-2025-NCLT-01578
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/osil-exports-limited-4bd121e2

## Summary

### Background

The application IA(IBC)/1721(CH)2025 was filed by Bank of India on behalf of the SCC seeking the replacement of the current Liquidator, Mr. Kanwal Goyal.

## Facts

Bank of India filed an application on behalf of the SCC to replace the current Liquidator, Mr. Kanwal Goyal.

Mr. Kanwal Goyal, the current Liquidator, tendered his resignation due to age and health concerns.

The 18th SCC Meeting resolved to replace Mr. Kanwal Goyal with Mr. Mohit Chawla.

RARE ARC, to whom SBI had assigned its debt, consented to the replacement of the Liquidator.

The voting percentages of the SCC members are: Bank of India (58.39%), SBI (34.90%), and Punjab National Bank (PNB) (6.71%).

Mr. Mohit Chawla's consent form, Valid AFA and Registration Certificate were annexed as Annexure A-3 with the Application.

## Issues and analysis

### Issue 1: Whether the resignation of the current liquidator, Mr. Kanwal Goyal, due to age and health …

**Ratio:** The court considered the minutes of the 18th SCC Meeting and the liquidator's resignation

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**Reasoning:** The court reasoned that the smooth continuation of the liquidation process is paramount

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**Interpretation:** The court interpreted the circumstances as a valid reason for considering a

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**Application:** The court applied this interpretation to the facts of the case, acknowledging

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## Parties

- **Judges:** K. K. S…; K. Bi…
- **Appellants:** Bank of…
- **Respondents:** OSIL Export…
- **Other parties:** SBI…; Punjab National…; +2 more
- **Advocates:** Anand Chh…; Vinish S…; +2 more

## Timeline

- **2024-04-19 — Resignat…**: Mr. Kanwal Goyal tendered his…
- **2025-09-24 — 18th SCC M…**: The 18th SCC Meeting was held, where it was resolved to replace Mr. Kanwal Goyal with Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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