# Markand Adhikari vs. Ms. Smita Gupta, Liquidator for M/s Dream Merchant Content Media Private Limited

> NCLT judgment dated 2026-10-16. Citation: TCN-2026-NCLT-01260. The Corporate Insolvency Resolution Process (CIRP) for Dream Merchant Content Private Limited…

- **Court:** NCLT
- **Order date:** 16 Oct 2026
- **Citation:** TCN-2026-NCLT-01260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/dream-merchant-content-pvt-ltd-yk95y

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Dream Merchant Content Private Limited commenced on 24.10.2019, leading to its liquidation and the appointment of Ms. Smita Gupta as Liquidator on 04.10.2023. Markand Adhikari, a former management member, filed an Interlocutory Application (IA) seeking the Liquidator's removal, alleging professional misconduct, including demands for illegal gratification by the Liquidator and her associates (husband and Mr. Sourabh Malpani), and failure to discharge duties diligently. The Applicant also filed complaints with the police, Punjab National Bank (the Financial Creditor), and the Insolvency and Bankruptcy Board of India (IBBI).

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Dream Merchant Content Private Limited commenced on 24.10.2019.

The Corporate Debtor was ordered to be liquidated, and Ms. Smita Gupta was appointed as Liquidator vide order dated 04.10.2023.

Markand Adhikari, a member of the ex-management of the Corporate Debtor, filed IA No. 4776 of 2024 under Section 60(5) of the IBC, 2016, seeking the removal of the Liquidator.

The Applicant alleged that the Respondent (Liquidator) sought illegal gratification for work related to liquidation proceedings and a monetary deal concerning IA No. 1157 of 2021.

The Applicant claimed that the Respondent's husband, Kunal Tayal, and Mr. Sourabh Malpani, approached him claiming to represent the Respondent and demanded illegal gratification.

…

## Issues and analysis

### Issue 1: Whether there is a reasonable cause to remove Ms. Smita Gupta as the Liquidator of Dream Merchant …

**Ratio:** Section 276(1) of the Companies Act, 2013, allows the Tribunal to remove a liquidator for

…

**Reasoning:** The Tribunal noted that the allegations of fraud, misconduct, and professional

…

**Interpretation:** Section 276(1) requires a "reasonable cause" to be "shown"

…

**Application:** In this case, the Applicant's allegations, while serious, were not supported by

…

## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** Markand Ad…; Punjab National…
- **Respondents:** Dream Merchant…; Smita Gupta,…
- **Other parties:** Smita G…
- **Advocates:** Ansh…; Adv.Mr. Shyam…; +2 more

## Timeline

- **2019-10-24 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) of Dream Merchant Content Private…
- **2023-10-04 — Liquidation Order &…**: The Corporate Debtor was ordered to be liquidated, and Ms. Smita Gupta was appointed as…

## 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)

---

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-mumbai/dream-merchant-content-pvt-ltd-yk95y