# In the matter of AMBAY COKE INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2025-03-07. Citation: TCN-2025-NCLT-00382. The case involves an application filed under Regulation 31(A) Sub Regulation 11 of the…

- **Court:** NCLT
- **Order date:** 7 Mar 2025
- **Citation:** TCN-2025-NCLT-00382
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ambay-coke-industries-private-limited-7f11c0f4

## Summary

### Background

The case involves an application filed under Regulation 31(A) Sub Regulation 11 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The applicant sought the replacement of the existing liquidator, Mr. Sandip Kumar Kejriwal, with Mr. Vijender Sharma. The State Bank of India, holding 100% voting share in the Stakeholders Consultation Committee (SCC), supported this replacement. A resolution was passed at the 1st SCC meeting dated 2025-01-13, suggesting Mr. Vijender Sharma as the new liquidator, which was approved by 100% voting.

## Facts

The State Bank of India initiated a corporate insolvency resolution process (CIRP) against Ambay Coke Industries Private Limited under Section 7 of the IBC. The company entered liquidation, and Mr. Sandip Kumar Kejriwal was appointed as the liquidator. The State Bank of India holds 100% voting share in the Stakeholders Consultation Committee (SCC). In a meeting held on 2025-01-13, the SCC suggested replacing Mr. Sandip Kumar Kejriwal with Mr. Vijender Sharma as the liquidator. The SCC passed a resolution approving the change with 100% voting. The applicant filed an application (IA(I.B.C)/282(KB)2025) seeking the replacement of the liquidator. Mr. Vijender Sharma has the required IBBI registration number IBBI/IPA-003/IP-N00003/2016-2017/10022. The application also

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## Issues and analysis

### Issue 1: Whether the existing liquidator, Mr. Sandip Kumar Kejriwal, should be replaced with Mr. Vijender …

**Ratio:** The Stakeholders Consultation Committee (SCC) has the authority to suggest a replacement

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**Reasoning:** The court considered the resolution passed by the SCC, which was approved with 100%

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**Interpretation:** Regulation 31(A) Sub Regulation 11 of the Insolvency and Bankruptcy Board of

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**Application:** Given the SCC's resolution and the consent of the proposed new liquidator, the

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** State Bank of…
- **Respondents:** Ambay Coke…

## Timeline

- **2025-01-13 — SCC Meet…**: The Stakeholders Consultation Committee (SCC) suggested the name of Mr. Vijender Sharma…
- **2025-03-07 — Order Sheet of…**: The court heard the application for the replacement of the liquidator and allowed the…

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