# In the matter of Nathella Sampath Jewellary Private Limited

> NCLT judgment dated 2025-03-21. Citation: TCN-2025-NCLT-00333. The application seeks the appointment of a new liquidator in place of Mr. Palaniappan. The…

- **Court:** NCLT
- **Order date:** 21 Mar 2025
- **Citation:** TCN-2025-NCLT-00333
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nathella-sampath-jewellary-private-limited-558b4837

## Summary

### Background

The application seeks the appointment of a new liquidator in place of Mr. Palaniappan. The Stakeholders Consultation Committee (SCC) recommended this change in its meeting on February 12, 2025, and suggested Mr. Ragavendran for the position. The corporate debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on April 23, 2018, and Mr. N. Ravindranath was appointed as the Interim Resolution Professional. Subsequently, the Committee of Creditors (CoC) resolved to appoint Mr. Ram Ratan Konoongoo as Resolution Professional, which was approved on June 21, 2018. The CoC recommended liquidating the Corporate Debtor on September 19, 2018, and the liquidation process was initiated on January 3, 2020. Mr. Palaniappan was appointed as the Liquidator on

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## Facts

The Stakeholders Consultation Committee filed an application seeking the replacement of the current liquidator, Mr. Palaniappan, with Mr. R. Raghavendran. The SCC recommended the change in a meeting held on February 12, 2025. The corporate debtor was admitted into CIRP on April 23, 2018, and Mr. N. Ravindranath was appointed as the Interim Resolution Professional. Subsequently, Mr. Ram Ratan Konoongoo was appointed as Resolution Professional. The CoC recommended liquidation on September 19, 2018, and the liquidation process was initiated on January 3, 2020. Mr. Palaniappan was appointed as the Liquidator on February 25, 2020. The liquidation process has been ongoing for five years without significant progress, leading the secured financial creditors to decide to

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## Issues and analysis

### Issue 1: Whether the current liquidator, Mr. Palaniappan, should be replaced by the proposed liquidator, Mr. …

**Ratio:** The legal principle applied is that the liquidator can be replaced if it is deemed

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**Reasoning:** The court reasoned that the liquidation process had been ongoing for five years without

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** The Stakeholders…
- **Respondents:** Nathella Smpath…

## Timeline

- **2018-04-23 — Corporate Debtor…**: The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP)…
- **2018-04-23 — Appointment of Interim…**: Mr. N. Ravindranath was appointed as…

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