# In the matter of Sharan Hospitality Pvt. Ltd.

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00032. The case involves an application (IA No. 5757/2023) filed in connection with a corporate…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00032
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sharan-hospitality-pvt-ltd-2061edc5

## Summary

### Background

The case involves an application (IA No. 5757/2023) filed in connection with a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The applicant sought the liquidation of the Corporate Debtor. An order was previously issued on 22.11.2023 in IA No. 1290/2023 directing the liquidation of the Corporate Debtor. The present application seeks the change/replacement of the liquidator, Mr. Amit Chandrasekhar Poddar.

## Facts

Cushman & Wakefield India Pvt Ltd filed an application related to the liquidation of Sharan Hospitality Pvt Ltd. An order was issued on 22.11.2023 in IA No. 1290/2023, directing the liquidation of the Corporate Debtor. The applicant sought the replacement of the liquidator, Mr. Amit Chandrasekhar Poddar. The applicant is a secured financial creditor and the sole member of the CoC. The applicant insisted on the appointment of the erstwhile Resolution Professional as the Liquidator. The IBBI issued an advisory suggesting that the Resolution Professional should not continue as the liquidator. The proposed Insolvency Professional did not have a valid AFA.

## Issues and analysis

### Issue 1: Whether the application for replacement …

**Ratio:** The IBBI advisory suggests that the Resolution Professional should not continue as the

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**Reasoning:** The court considered the IBBI advisory and the potential for conflicts of interest if the

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**Interpretation:** The IBBI advisory is interpreted as a guideline for the appointment of

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**Application:** The ratio and reasoning are applied to the specific facts of the case, leading

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Cushman &…
- **Respondents:** Sharan Hospitality…
- **Advocates:** Shyam Ka…

## Timeline

- **2023-11-22 — Order for Liq…**: An order was issued in IA No. 1290/2023…
- **2023-12-22 — Hearing…**: Order sheet of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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