# In the matter of Sujyot Infrastructure Private Limited

> NCLT judgment dated 2024-01-17. Citation: TCN-2024-NCLT-03025. The case involves an application filed by State Bank of India (on behalf of the Stakeholder…

- **Court:** NCLT
- **Order date:** 17 Jan 2024
- **Citation:** TCN-2024-NCLT-03025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sujyot-infrastructure-private-limited-07caca80

## Summary

### Background

The case involves an application filed by State Bank of India (on behalf of the Stakeholder Consultation Committee) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the current liquidator, Mr. Ramakant Gupta, of M/s Sujyot Infrastructure Private Limited, with Mr. Sachin Bhattbhatt. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 22.12.2021. An order for the initiation of the liquidation process was passed on 30.10.2023, and Mr. Ramakant Gupta was appointed as the liquidator as per IBBI Circular dated 18.07.2023.

## Facts

The Corporate Debtor, M/s Sujyot Infrastructure Private Limited, was incorporated on June 17, 2011, and is engaged in the Construction and Civil Engineering business. An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed on 09.04.2019 by State Bank of India against the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was commenced against the Corporate Debtor vide order dated 22.12.2021. An Interlocutory Application No. 558 of 2022 was filed by the Resolution Professional (RP) for the initiation of the liquidation process, and the Tribunal passed an order for the initiation of the liquidation process on 30.10.2023. Mr. Ramakant Gupta was appointed as the liquidator as per IBBI Circular dated 18.07.2023. The

…

## Issues and analysis

### Issue 1: Whether the Stakeholder Consultation Committee (SCC) has the right to replace the liquidator in the …

**Ratio:** The IBBI (Liquidation) Regulation 31A.11 specifically states that the Liquidator can be

…

**Reasoning:** The court observed that the SCC has the power to propose the replacement of the

…

**Interpretation:** The regulation provides a mechanism for the SCC to replace the liquidator, but

…

**Application:** In this case, the court found that the SCC had not provided adequate reasons

…

## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** State Bank of…
- **Respondents:** Sujyot Infrastruct…; Ramakant…

## Timeline

- **2011-06-17 — Incorporation of…**: M/s Sujyot Infrastructure…
- **2019-04-09 — Application under…**: State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sujyot-infrastructure-private-limited-07caca80