# In the matter of Fipola Retail (india) Private Limited

> NCLT judgment dated 2025-05-26. Citation: TCN-2025-NCLT-00959. The applicant, Muthurasapuram Ganesan Chandrasekaran, is the Liquidator of the Corporate…

- **Court:** NCLT
- **Order date:** 26 May 2025
- **Citation:** TCN-2025-NCLT-00959
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/fipola-retail-india-private-limited-0a3e31df

## Summary

### Background

The applicant, Muthurasapuram Ganesan Chandrasekaran, is the Liquidator of the Corporate Debtor, M/s. Fipola Retail (India) Pvt Ltd. The Corporate Debtor was admitted into CIRP vide order dated 02.05.2023 under section 7 of IBC. Subsequently, the Corporate Debtor was admitted into liquidation vide order dated 08.02.2024 based on the CoC recommendation. The applicant now seeks to be replaced as the Liquidator due to personal reasons.

## Facts

M/s. Fipola Retail (India) Private Limited was admitted into CIRP vide order dated 02.05.2023 under section 7 of IBC.

The Corporate Debtor was admitted into liquidation vide order dated 08.02.2024 based on the CoC recommendation.

Mr. Sankar Varadharajan was initially appointed as the Liquidator.

Mr. Muthurasapuram Ganesan Chandrasekaran replaced Mr. Sankar Varadharajan as Liquidator vide order dated 21.03.2025.

The Applicant, Mr. Muthurasapuram Ganesan Chandrasekaran, sought to withdraw from his assignment due to personal reasons.

The 5th SCC meeting dated 09.04.2025 recommended the replacement of the Liquidator with a voting percentage of 80.91%.

Ms. S. Yasodha was proposed as the new Liquidator.

The AFA of Ms. S. Yasodha is valid up to 30.06.2025.

## Issues and analysis

### Issue 1: Whether the Applicant, Mr. Muthurasapuram Ganesan Chandrasekaran, can be replaced as the Liquidator …

**Ratio:** Section 31A(11) of IBBI

…

**Reasoning:** The Applicant sought to withdraw from his assignment due to personal reasons, and the SCC

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**Interpretation:** The Tribunal considered the application

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**Application:** The Tribunal allowed the application and replaced the Applicant as the

…

## Parties

- **Judges:** JYOTI KUMAR…; Venkataraman…
- **Appellants:** Muthurasapuram…
- **Respondents:** Fipola Retail…
- **Other parties:** S. Yas…; Sankar Varadharaja…; +2 more
- **Advocates:** Varun Srin…

## Timeline

- **2023-05-02 — Admission in…**: M/s. Fipola Retail (India) Private Limited was admitted into CIRP vide order dated…
- **2024-02-08 — Admission into…**: The Corporate Debtor was admitted into liquidation vide order dated 08.02.2024 based on…

## 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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