# In the matter of Nathella Sampath Jewelry Private Limited

> NCLT judgment dated 2025-03-21. Citation: TCN-2025-NCLT-00329. 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-00329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nathella-sampath-jewelry-private-limited-637c551e

## 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 as the new liquidator. 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 the 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

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## Facts

The Stakeholders Consultation Committee filed an application to replace the current liquidator, Mr. Palaniappan, with Mr. R. Raghavendran. The SCC recommended this change on February 12, 2025. The corporate debtor was admitted into CIRP on April 23, 2018, and Mr. N. Ravindranath was initially appointed as the Interim Resolution Professional. Subsequently, Mr. Ram Ratan Konoongoo was appointed as the Resolution Professional. The CoC recommended liquidation on September 19, 2018, and the liquidation process began 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 substantial progress. Secured financial creditors decided to replace the liquidator on January 21, 2024. The

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## Issues and analysis

### Issue 1: Whether the application for replacement of the current liquidator, Mr. Palaniappan, with Mr. R. …

**Ratio:** The court has the authority to allow the replacement of a liquidator if it deems fit in

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**Reasoning:** The court considered the recommendation of the SCC, the approval of the shareholders, and

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**Interpretation:** The legal issue involves the interpretation of the court's powers to oversee

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**Application:** The ratio and reasoning apply to the specific facts of this case, where the

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** The Stakeholders…
- **Respondents:** Nathella Smpath…
- **Advocates:** Edwa…; Avinash Krishnan…

## Timeline

- **2018-04-23 — CIRP Admi…**: Corporate Debtor admitted into Corporate…
- **2018-06-21 — Appointment of…**: Mr. Ram Ratan Konoongoo…

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