# In the matter of Fipola Retail (India) Pvt Ltd

> NCLT judgment dated 2023-05-02. Citation: TCN-2023-NCLT-03510. The case involves an application to replace the liquidator of the Corporate Debtor, M/s. Fipola…

- **Court:** NCLT
- **Order date:** 2 May 2023
- **Citation:** TCN-2023-NCLT-03510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fipola-retail-india-pvt-ltd-cafbd9fd

## Summary

### Background

The case involves an application to replace the liquidator of the Corporate Debtor, M/s. Fipola Retail (India) Private Limited, which was admitted into CIRP vide order dated 02.05.2023. The Corporate Debtor was admitted into liquidation on 08.02.2024. The current liquidator, Mr. Muthurasapuram Ganesan Chandrasekaran, sought to withdraw from his assignment due to personal reasons. The SCC recommended the appointment of Ms. S. Yasodha as the new liquidator.

## Facts

M/s. Fipola Retail (India) Private Limited was admitted into CIRP vide order dated 02.05.2023 under section 7 of IBC. Subsequently, the Corporate Debtor was admitted into liquidation on 08.02.2024. Mr. Sankar Varadharajan was initially appointed as the Liquidator but was later replaced by Mr. Muthurasapuram Ganesan Chandrasekaran on 21.03.2025. Due to personal reasons, Mr. Muthurasapuram Ganesan Chandrasekaran decided to withdraw from his assignment and proposed Ms. S. Yasodha as the new liquidator. The 5th SCC meeting, held on 09.04.2025, recommended the replacement of the liquidator with a voting percentage of 80.91%. The authorization of Ms. S. Yasodha is valid upto 30.06.2025.

## Issues and analysis

### Issue 1: Whether the application to replace the existing liquidator with the proposed liquidator should be …

**Ratio:** Section 31A(11) of IBBI liquidation process regulation, 2016 allows for the replacement

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**Reasoning:** The Tribunal considered the recommendation of the SCC, which had a voting percentage of

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**Interpretation:** The legal issue revolves around the interpretation and application of the IBBI

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** JYOTI KUMAR…; Venkataraman…
- **Appellants:** Mutharasapuram…
- **Respondents:** Fipola Retail…

## Timeline

- **2023-05-02 — CIRP Admi…**: M/s. Fipola Retail (India) Private Limited was admitted into CIRP vide order under…
- **2024-02-08 — Liquidation A…**: Corporate Debtor was admitted into liquidation by the tribunal based on the CoC…

## 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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