# In the matter of IVRCL LIMITED

> NCLT judgment dated 2025-10-29. Citation: TCN-2025-NCLT-01547. The document pertains to several IA (Interlocutory Applications) filed in connection with the…

- **Court:** NCLT
- **Order date:** 29 Oct 2025
- **Citation:** TCN-2025-NCLT-01547
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/ivrcl-limited-dbaf7859

## Summary

### Background

The document pertains to several IA (Interlocutory Applications) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of IVRCL Limited.

## Facts

Mr. Nirav Shah and Mr. Alay Razvi are the Ld. Liquidator/Applicant/Respondent in multiple IAs.

Mr. Purusottam Behera is appointed as the new liquidator replacing Mr. Sutanu Sinha in IA (IBC)/1625/2025.

Several IAs are adjourned to 10.12.2025 due to the change of Liquidator.

The proposal to replace the liquidator was approved by the SCC.

The CIRP is under Section 7 of IBC.

The Corporate Debtor is IVRCL Limited.

## Issues and analysis

### Issue 1: Whether the existing liquidator should …

**Ratio:** The court has the power to replace a liquidator based on the circumstances and the

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**Reasoning:** The proposal for the change of liquidator was approved by the SCC, indicating a valid

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**Interpretation:** The court interprets the IBC to allow for the replacement of a liquidator when

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**Application:** The court applied this interpretation by replacing Mr. Sutanu Sinha with Mr.

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** State Bank of…
- **Respondents:** IVRCL Li…
- **Other parties:** Nirav…; Alay R…; +2 more
- **Advocates:** Nikhita G…; M. Maharshi…; +1 more

## Timeline

- **2025-10-29 — Hearing…**: Hearing held on…
- **2025-12-10 — Adjournmen…**: Several IAs adjourned…

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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-hyderabad/ivrcl-limited-dbaf7859