# In the matter of LOYAL AUTO GLOBE PRIVATE LIMITED

> NCLT judgment dated 2025-09-16. Citation: TCN-2025-NCLT-01411. The case involves an application (IA/4305/2025) filed by Mr. Prashant Jain, the current…

- **Court:** NCLT
- **Order date:** 16 Sept 2025
- **Citation:** TCN-2025-NCLT-01411
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/loyal-auto-globe-private-limited-0abcc63c

## Summary

### Background

The case involves an application (IA/4305/2025) filed by Mr. Prashant Jain, the current Liquidator of Loyal Auto Globe Private Limited, seeking replacement of himself as the Liquidator.

## Facts

Mr. Prashant Jain, the current Liquidator of Loyal Auto Globe Private Limited, filed an application (IA/4305/2025) seeking his replacement.

The reason for seeking replacement is Mr. Prashant Jain's inability to continue as Liquidator.

SSARVI Resolution Services LLP (through its Authorized Representative) is proposed as the new Liquidator.

The stakeholders committee and the AFA were considered.

The ninth SCC meeting held on 21.08.2025 voted in favor of the replacement by 100 percent.

The Adjudicating Authority allowed the replacement.

## Issues and analysis

### Issue 1: Whether the replacement of the current Liquidator, Mr. Prashant Jain, with SSARVI Resolution …

**Ratio:** The replacement is justified due to Mr. Prashant Jain's inability to continue as

…

**Reasoning:** The Ld. Counsel for the Applicant stated the facts, and the application was averred in

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**Interpretation:** The Adjudicating Authority interpreted the circumstances and the stakeholders'

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**Application:** The Adjudicating Authority applied the relevant regulations and allowed the

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## Parties

- **Judges:** Mohan Prasad…; Charanjeet Singh…
- **Appellants:** Central Bank of…; Prashant…
- **Respondents:** Loyal Auto Globe…
- **Other parties:** SSARVI Resolution…
- **Advocates:** Shashank Bh…

## Timeline

- **2025-09-16 — Order Del…**: Order delivered on the application…
- **2025-08-21 — Ninth SCC M…**: The ninth SCC meeting was held, and the proposed replacement was voted in favor by 100…

## 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)

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