# In the matter of Mercator Limited

> NCLT judgment dated 2025-05-09. Citation: TCN-2025-NCLT-00971. The application was filed by SCC through UTI Multi Opportunities Funds seeking the replacement…

- **Court:** NCLT
- **Order date:** 9 May 2025
- **Citation:** TCN-2025-NCLT-00971
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mercator-limited-0e4bf280

## Summary

### Background

The application was filed by SCC through UTI Multi Opportunities Funds seeking the replacement of the Respondent Liquidator.

## Facts

SCC filed an application seeking the replacement of the Respondent Liquidator.

The SCC members discussed the suspension of the Liquidator's AFA by IBBI.

The Liquidator clarified that his AFA was only suspended, not revoked.

The resolution to change the liquidator was passed by SCC with 78.74% voting shares.

Mr. Krishna Chamadia is appointed as the Liquidator for M/s. Mercator Limited.

## Issues and analysis

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

**Ratio:** Regulation 31A (11) allows the Liquidator to be changed after passing a resolution by SCC

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**Reasoning:** The AFA of the Respondent Liquidator has been suspended by IBBI, and SCC has lost faith

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**Interpretation:** The suspension of the AFA by IBBI is a valid reason for the SCC to seek the

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**Application:** The Tribunal considered the suspension of the AFA and the SCC's resolution and

…

## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** ICICI Bank…
- **Respondents:** Mercator L…
- **Other parties:** Krishna Ch…
- **Advocates:** Rohit G…; Tejas Ag…; +1 more

## Timeline

- **09.05.2025 — Hearing…**: Order sheet of the hearing of Mumbai Bench…
- **09.04.2025 — 11th SCC M…**: SCC members discussed that the AFA 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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