# In the matter of Sharma Kalypso Private Limited IA-4307-2022 Intervention Petition 24-2022 in (IB)-1887(ND)2019

> NCLT judgment dated 2022-11-16. Citation: TCN-2022-NCLT-00421. The case involves an application (IA-4307/2022) filed by the Union Bank of India, along with…

- **Court:** NCLT
- **Order date:** 16 Nov 2022
- **Citation:** TCN-2022-NCLT-00421
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sharma-kalypso-private-limited-ia-4307-2022-intervention-petition-24-2022-in-ib-a364d985

## Summary

### Background

The case involves an application (IA-4307/2022) filed by the Union Bank of India, along with the consent of the Bank of Maharashtra, seeking the appointment of a liquidator. The banks/financial creditors constitute 100% of the voting share of the Committee of Creditors (CoC). The application was made due to the demise of the previous liquidator, Shri Navjit Singh. Additionally, an Intervention Petition-24/2022 was filed by Mr. Satish Kumar, an ex-employee of the Corporate Debtor.

## Facts

Union Bank of India, along with Bank of Maharashtra, filed an application (IA-4307/2022) seeking the appointment of a liquidator. These banks/financial creditors represent 100% of the voting share of the CoC. The need for a new liquidator arose due to the demise of the previous liquidator, Shri Navjit Singh. Ms. Reshma Mittal was proposed as the new liquidator, possessing IBBI Registration No. IBBI/IPA-001/IP00297/2017-18/10541. Mr. Satish Kumar, an ex-employee of the Corporate Debtor, filed an Intervention Petition-24/2022. The relevance of the fact that the banks constitute 100% of the CoC is that it demonstrates their unanimous agreement on the appointment of the liquidator. The fact that the previous liquidator passed away necessitates the appointment of a new

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## Issues and analysis

### Issue 1: Whether Ms. Reshma Mittal should be appointed …

**Ratio:** The court has the power to appoint a liquidator based on the application of the financial

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**Reasoning:** The court considered the application filed by the Union Bank of India, along with the

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**Interpretation:** The interpretation is that when a liquidator is needed, and the financial

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**Application:** The court applied this principle to the facts of the case and appointed Ms.

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## Parties

- **Judges:** SHRI. BACHU…; Shri. L. N.…
- **Appellants:** Corporatio…
- **Respondents:** M/s Sharma…

## Timeline

- **2022-11-16 — Order Del…**: Order delivered on the…

## 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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