# In the matter of Nathella Sampath Jewelry Private Limited

> NCLT judgment dated 2025-03-21. Citation: TCN-2025-NCLT-00334. 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-00334
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nathella-sampath-jewelry-private-limited-fec3baf7

## 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 (SCC) filed an application seeking the appointment of a new liquidator to replace Mr. Palaniappan. The SCC recommended the replacement in a meeting held on February 12, 2025, and proposed Mr. Ragavendran as the new liquidator. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on April 23, 2018. Mr. N. Ravindranath was initially appointed as the Interim Resolution Professional. Subsequently, Mr. Ram Ratan Konoongoo was appointed as the Resolution Professional. The Committee of Creditors (CoC) recommended liquidation on September 19, 2018, and the liquidation process commenced on January 3, 2020. Mr. Palaniappan was appointed as the Liquidator on February 25, 2020. The liquidation process has

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## Issues and analysis

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

**Ratio:** The court has the authority to replace a liquidator if it is deemed necessary for the

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**Reasoning:** The court considered the recommendation of the Stakeholders Consultation Committee (SCC)

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**Interpretation:** The court interprets its power to replace a liquidator as a means to ensure the

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**Application:** Given the SCC's recommendation and the prolonged lack of progress in the

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## Parties

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

## Timeline

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

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