# In the matter of LOYAL AUTO GLOBE PRIVATE LIMITED

> NCLT judgment dated 2025-09-16. Citation: TCN-2025-NCLT-01380. 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-01380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/loyal-auto-globe-private-limited-c61d913f

## 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 his replacement as Liquidator due to his inability to continue.

## Facts

Mr. Prashant Jain, the current Liquidator of Loyal Auto Globe Private Limited, filed an application seeking his replacement.

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

SSARVI Resolution Services LLP is proposed as the new Liquidator.

The stakeholders committee and the proposed insolvency entity have given their consent.

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

The application is filed under Regulation 31A (11) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

## Issues and analysis

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

**Ratio:** The application is

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**Reasoning:** The stakeholders committee and the proposed insolvency entity have given their consent,

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**Interpretation:** The Adjudicating Authority interprets the regulations to allow for the

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**Application:** The decision is applied to the specific facts of the case, where the current

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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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