# In the matter of HINDUSTHAN SMALL TOOLS PVT LTD

> NCLT judgment dated 2025-07-08. Citation: TCN-2025-NCLT-00818. ICICI Bank Limited filed an application in CP (IB) No. 1074/KB/2019 seeking the replacement of…

- **Court:** NCLT
- **Order date:** 8 Jul 2025
- **Citation:** TCN-2025-NCLT-00818
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/hindusthan-small-tools-pvt-ltd-e0528eba

## Summary

### Background

ICICI Bank Limited filed an application in CP (IB) No. 1074/KB/2019 seeking the replacement of the incumbent Liquidator and the appointment of a proposed Insolvency Professional (IP) as the Liquidator of the Corporate Debtor, Hindusthan Small Tools Private Limited.

## Facts

ICICI Bank Limited filed an application in CP (IB) No. 1074/KB/2019 seeking replacement of the liquidator.

CIRP was initiated against Hindusthan Small Tools Private Limited on January 14, 2022, and Mr. Kuldeep Verma was appointed as the IRP.

An order of Liquidation was passed on December 19, 2022, and Mr. Kuldeep Verma was appointed as the Liquidator.

The Disciplinary Committee of IBBI suspended Mr. Kuldeep Verma's registration for two years due to contraventions of the code and regulations.

The Stakeholder's Consultation Committee (SCC) proposed to replace Mr. Kuldeep Verma with Mr. Anup Kumar Singh as the Liquidator.

Mr. Anup Kumar Singh submitted his written consent in Form AA to act as Liquidator of the Corporate Debtor.

…

## Issues and analysis

### Issue 1: Whether the incumbent Liquidator should be …

**Ratio:** The Disciplinary Committee of the IBBI suspended the registration of Mr. Kuldeep Verma

…

**Reasoning:** The Tribunal considered the order of the Disciplinary Committee and the proposal of the

…

**Interpretation:** The suspension of the Liquidator's registration warranted his replacement to

…

**Application:** The Tribunal found it a fit case for the appointment of a new liquidator and

…

## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** ICICI Bank…
- **Respondents:** HINDUSTHAN SMALL…; Mr.Kuldeep Verma,…
- **Other parties:** Anup Kumar…; Kuldeep…
- **Advocates:** Avishek…; Arunika…; +1 more

## Timeline

- **2022-01-14 — CIRP Comm…**: CIRP was directed to commence in respect of the corporate debtor, and Mr. Kuldeep Verma…
- **2022-12-19 — Liquidation…**: The Tribunal passed an Order of Liquidation and Mr. Kuldeep Verma was appointed as the…

## 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-kolkata/hindusthan-small-tools-pvt-ltd-e0528eba