# In the matter of GREEN GATEWAY LEISURE LIMITED

> NCLT judgment dated 2025-01-10. Citation: TCN-2025-NCLT-00631. This is an application seeking the appointment of Insolvency Professional Sri. R. Rajmohan as…

- **Court:** NCLT
- **Order date:** 10 Jan 2025
- **Citation:** TCN-2025-NCLT-00631
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/green-gateway-leisure-limited-92ab689d

## Summary

### Background

This is an application seeking the appointment of Insolvency Professional Sri. R. Rajmohan as the new liquidator of the Corporate Debtor, M/s. Green Gateway Leisure Ltd., replacing the current liquidator, Lukose Joseph. The purpose is to complete the liquidation process as per the IBC Code, 2016, and to discharge the current liquidator from his duties.

## Facts

The Corporate Debtor is M/s. Green Gateway Leisure Ltd. The existing liquidator is Lukose Joseph. Union Bank of India, a financial creditor holding 65.84% voting rights, proposed appointing R. Rajmohan as the new liquidator due to disagreement over fees. The existing liquidator demanded Rs 1,00,000 p.m. for the extended period, while the original fees were Rs 1,50,000 p.m. UBI found this excessive and proposed a lower consolidated amount. The 12th Stakeholders meeting and its adjourned meeting were held on 16.12.2024 and 18.12.2024, respectively, to discuss the matter. The consultation committee voted to replace the liquidator, and R. Rajmohan submitted his consent to act as liquidator. Regulation 31-A (11) of the Liquidation Regulations allows the consultation

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## Issues and analysis

### Issue 1: Whether the consultation committee can replace the existing liquidator based on disagreement over …

**Ratio:** Regulation 31-A (11) of the Liquidation Regulations provides the instance and procedure

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**Reasoning:** The court reasoned that the consultation committee, after recording the reasons, may by a

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**Interpretation:** Regulation 31-A (11) allows the consultation committee to replace the

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**Application:** In this case, the consultation committee voted to replace the existing

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## Parties

- **Judges:** RAVICHANDRAN…; JYOTI KUMAR…
- **Appellants:** Lukose J…
- **Respondents:** Green Gateway…; AC VENU…

## Timeline

- **2024-12-16 — 12th Stakeholders…**: The 12th Stakeholders meeting of the Corporate Debtor was held. A proposal was put…
- **2024-12-18 — 12th Adjourned meeting…**: The 12th adjourned meeting of the SCC was held. The Liquidator placed the proposal…

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