# In the matter of Sujyot Infrastructure Private Limited

> NCLT judgment dated 2024-01-17. Citation: TCN-2024-NCLT-03015. 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-03015
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sujyot-infrastructure-private-limited-1797407a

## 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, with Mr. Sachin Bhattbhatt in the liquidation process of Sujyot Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Sujyot Infrastructure Private Limited following an application under Section 7 of the IBC, which was admitted on 22.12.2021. Subsequently, an order for liquidation was passed on 30.10.2023, and Mr. Ramakant Gupta was appointed as the liquidator.

## Facts

The Corporate Debtor, Sujyot Infrastructure Private Limited, was incorporated on June 17, 2011, engaging in Construction and Civil Engineering. 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, which was allowed. The Corporate Insolvency Resolution Process (CIRP) commenced on 22.12.2021. An Interlocutory Application No. 558 of 2022 was filed by the Resolution Professional (RP) on 17.06.2022 for the initiation of the liquidation process. The Tribunal ordered the initiation of the liquidation process on 30.10.2023 and appointed Mr. Ramakant Gupta as the liquidator as per IBBI Circular No. Liq-12011/214/2023-IBB1/840 dated 18.07.2023. The present application seeks

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## Issues and analysis

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

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

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**Reasoning:** The court reasoned that unlike the Corporate Insolvency Resolution Process (CIRP) where

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**Interpretation:** The interpretation of Regulation 31A.11 emphasizes that the SCC's power to

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**Application:** In this case, the applicant, State Bank of India, stated that the sole reason

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## Parties

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

## Timeline

- **2011-06-17 — Incorporation of…**: Sujyot Infrastructure Private…
- **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)

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