# In the matter of Pratibha Industries Limited

> NCLT judgment dated 2023-07-17. Citation: TCN-2023-NCLT-05306. The case involves an application filed by Indian Bank, a secured Financial Creditor and…

- **Court:** NCLT
- **Order date:** 17 Jul 2023
- **Citation:** TCN-2023-NCLT-05306
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/pratibha-industries-limited-4ec4ac67

## Summary

### Background

The case involves an application filed by Indian Bank, a secured Financial Creditor and Stakeholder of Pratibha Industries Limited (Corporate Debtor), seeking the removal of the existing Liquidator, Anil Mehta, and the appointment of Avil Menezes as the new Liquidator.

## Facts

Indian Bank, a secured Financial Creditor and Stakeholder of Pratibha Industries Limited, filed an application seeking the removal of the existing Liquidator, Anil Mehta, and the appointment of Avil Menezes.

The Corporate Debtor, Pratibha Industries Limited, was admitted into CIRP on 01.02.2019 and subsequently liquidated on 08.02.2021.

The Stakeholders Consultation Committee (SCC) voted by 85.94% in favor of removing the current Liquidator and replacing him with a new one.

The Applicant alleged that the Respondent was running the Liquidation process with incompetence, concealing financial information, and making unilateral decisions.

…

## Issues and analysis

### Issue 1: Whether the existing Liquidator should be removed and replaced with a new Liquidator as proposed by …

**Ratio:** The consultation committee, after recording the reasons, may by a majority vote of not

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**Reasoning:** The SCC resolved to replace the Liquidator with a majority vote of 85.94%. The lenders

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**Interpretation:** The NCLT interpreted the relevant regulations to allow for the replacement of a

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**Application:** The NCLT applied the regulations and the facts of the case to conclude that the

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## Parties

- **Judges:** H.V. Subb…; Anu Jagmoha…
- **Appellants:** Indian…
- **Respondents:** Pratibha Industrie…; Anil M…; +1 more
- **Other parties:** Bank of…; Avil Me…
- **Advocates:** Rohit G…; Dipti…

## Timeline

- **2018 — C.P (IB) No.3558/MB/C-I/…**: The case was registered as…
- **2019-02-01 — CIRP Admi…**: The Corporate Debtor was admitted into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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