# In the matter of Kamineni Steel and Power India Private Limited

> NCLT judgment dated 2023-11-08. Citation: TCN-2023-NCLT-00836. The case pertains to IA(IBC) 1637/2023 filed in CP(IB) No. 11/10/HDB/2017, concerning the…

- **Court:** NCLT
- **Order date:** 8 Nov 2023
- **Citation:** TCN-2023-NCLT-00836
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kamineni-steel-and-power-india-private-limited-28683481

## Summary

### Background

The case pertains to IA(IBC) 1637/2023 filed in CP(IB) No. 11/10/HDB/2017, concerning the liquidation of Kamineni Steels & Power India Pvt Ltd. The liquidation process was initiated following the rejection of a resolution plan. Mr. Racharla Ramakrishna Gupta was appointed as the liquidator. The applicant, Indian Bank, sought the replacement of the liquidator due to delays and lack of progress in the liquidation process. The Stakeholders Consultation Committee (SCC) also recommended replacing the liquidator.

## Facts

The Corporate Debtor, Kamineni Steels & Power India Pvt Ltd, was admitted into liquidation on 26th October 2018. Indian Bank, the lead financial creditor, filed an application to replace the liquidator, Mr. Racharla Ramakrishna Gupta, due to delays in the liquidation process. The SCC also recommended replacing the liquidator. The liquidator cited delays in relinquishment of security interest by lenders and handing over of original title deeds by Indian Bank as reasons for the slow progress. The first sale notice was issued on 12.10.2019 with a reserve price of Rs.610 Crores. The lenders relinquished the secured asset almost 3 years earlier trusting the Ld. Liquidator will discharge his duties in a timely and orderly manner. The original documents of Sale Deeds were

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## Issues and analysis

### Issue 1: Whether to go for replacement of liquidator in over all interest of all stakeholders and if so …

**Ratio:** Regulation 31A(11) of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The court considered the resolution passed by the SCC, the submissions of both the

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**Interpretation:** The court interpreted Regulation 31A(11) as allowing for the replacement of a

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**Application:** The court applied the ratio to the facts of the case, noting the SCC's

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Indian…
- **Respondents:** Kamineni Steels &…; Racharla Ramakrish…

## Timeline

- **2017-02-01 — CIRP Sta…**: CIRP was started by the…
- **2018-10-26 — Liquidation Process…**: Corporate Debtor admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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