# In the matter of Padam Motors Private Limited

> NCLT judgment dated 2024-06-11. Citation: TCN-2024-NCLT-01187. The case involves applications filed under the Insolvency and Bankruptcy Code, 2016 (IBC) and…

- **Court:** NCLT
- **Order date:** 11 Jun 2024
- **Citation:** TCN-2024-NCLT-01187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/padam-motors-private-limited-eacacb9c

## Summary

### Background

The case involves applications filed under the Insolvency and Bankruptcy Code, 2016 (IBC) and related regulations. IA(I.B.C)/1176 (CH)2024 was filed under Section 33(2) of the IBC, seeking the liquidator's consent to act. IA(I.B.C)/1275 (CH)2024 was filed under Section 31 (A) (11) of IBBI (Liquidation Process) Regulation 2016 for the replacement of the liquidator, Mr. Somnath Gupta. The 2nd SCC meeting decided to replace the existing liquidator with Mr. Ankur Tayal.

## Facts

Sapna Cars Private Limited is the corporate debtor in the matter. Padam Motors Private Limited is the respondent-corporate debtor. An application was filed under Section 33(2) of the IB Code, 2016, wherein the liquidator submitted his written consent to act as Liquidator. Another application was filed under Section 31 (A) (11) of IBBI (Liquidation Process) Regulation 2016 for replacement of liquidator Mr. Somnath Gupta with Mr. Ankur Tayal. The 2nd SCC meeting by majority decided to replace the existing Liquidator. The learned counsel for the Liquidator is present at the time of hearing of the matter and endorse no objection for the same. The Adjudicating Authority confirms the replacement of Mr. Somnath Gupta with Mr. Ankur Tayal.

## Issues and analysis

### Issue 1: Whether the application filed under Section 33(2) of the IB Code, 2016, seeking the liquidator's …

**Ratio:** Section 33(2) of the IB Code, 2016, allows for the filing of an application where the

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**Reasoning:** The court noted that the liquidator had submitted his written consent to act as

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**Interpretation:** Section 33(2) of the IB Code, 2016, is interpreted to mean that when a

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**Application:** In this case, the liquidator's written consent was submitted, and the court

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## Parties

- **Judges:** SHRI. SATYA…; SHRI. P.S.N.…
- **Respondents:** Sapna Cars…; Padam Motors…

## Timeline

- **2024-06-11 — Order Del…**: Order delivered on the applications for…
- **2024-07-30 — Matter P…**: The matter is posted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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