# In the matter of Man Tubinox Ltd.

> NCLT judgment dated 2025-09-01. Citation: TCN-2025-NCLT-01346. The case involves an application filed by the liquidator seeking an extension of the…

- **Court:** NCLT
- **Order date:** 1 Sept 2025
- **Citation:** TCN-2025-NCLT-01346
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/man-tubinox-ltd-c0b429c9

## Summary

### Background

The case involves an application filed by the liquidator seeking an extension of the liquidation period for the Corporate Debtor by 12 months. Additionally, another application seeks the replacement of the current liquidator, Vikas Prakash Gupta, with Ms. Teena Saraswat Pandey.

## Facts

The liquidator filed an application seeking a 12-month extension of the liquidation period for the Corporate Debtor.

The extension was sought due to various pending litigations.

The Committee of Creditors (CoC) in its 8th adjourned meeting on 23.07.2025 passed a resolution to appoint Ms. Teena Saraswat Pandey as the new liquidator.

Ms. Teena Saraswat Pandey provided written consent to act as liquidator in Form-AA dated 23.07.2025.

The current liquidator is Mr. Vikas Prakash Gupta.

The application for extension of the liquidation period is I.A (I.B.C)/3911 (MB)2025.

The application for replacement of liquidator is I.A. (I.B.C)/3913 (MB)/2025.

## Issues and analysis

### Issue 1: Whether the extension of the liquidation period …

**Ratio:** The Tribunal is inclined to grant the

…

**Reasoning:** The pending litigations justify the need for additional time to complete the liquidation

…

**Interpretation:** The Tribunal interprets the presence of pending litigations as a valid reason

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**Application:** The Tribunal applied its discretion to grant the extension, considering the

…

## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Dena…
- **Respondents:** Man Tubin…
- **Other parties:** Vikas Prakash…; Teena Saraswat…
- **Advocates:** Manoj M…

## Timeline

- **01.09.2025 — Hearing…**: Order sheet of the…
- **06.06.2025 — Start Date of…**: Start date of the…

## 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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