# In the matter of SPECIFIC ALLOYS PRIVATE LIMITED

> NCLT judgment dated 2025-09-24. Citation: TCN-2025-NCLT-01436. The present Interlocutory Application has been filed by the Applicant/Resolution Professional…

- **Court:** NCLT
- **Order date:** 24 Sept 2025
- **Citation:** TCN-2025-NCLT-01436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/specific-alloys-private-limited-96387411

## Summary

### Background

The present Interlocutory Application has been filed by the Applicant/Resolution Professional of the Corporate Debtor seeking replacement of himself with SSARVI Resolution Services LLP as the new Liquidator of Specific Alloys Private Limited.

## Facts

An Interlocutory Application was filed by the Applicant/Resolution Professional of the Corporate Debtor seeking replacement of himself with SSARVI Resolution Services LLP.

The Fourth SCC Meeting discussed the replacement of Prashant Jain, Liquidator, with SSARVI Resolution Services LLP.

SSARVI Resolution Services LLP is an Insolvency Professional Entity registered as an Insolvency Professional.

SSARVI Resolution Services LLP, through its Authorized Signatory Mr. Prashant Jain, has given written consent on 05.09.2025 to act as the Liquidator of the Corporate Debtor.

The Bench is satisfied that the Interlocutory Application is in consonance with Regulation 31A (11) of the Insolvency and Bankruptcy Board of India Liquidation Process Regulations, 2016.

…

## Issues and analysis

### Issue 1: Whether the replacement of the existing Liquidator with SSARVI Resolution Services LLP is justified …

**Ratio:** Regulation 31A (11) of the Insolvency and Bankruptcy Board of India Liquidation Process

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**Reasoning:** The SCC Member authorized the Liquidator to file this Application seeking approval for

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**Interpretation:** The bench interpreted that the present Interlocutory Application is in

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**Application:** The application was allowed and SSARVI Resolution Services LLP was appointed as

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Liquidator of…
- **Respondents:** Specific Alloys…; Poona Petroleum…
- **Other parties:** SSARVI Resolution…; Prashant…

## Timeline

- **2025-09-24 — Hearing…**: Order sheet of the…
- **2025-09-05 — Written C…**: SSARVI Resolution Services LLP, through its Authorized Signatory Mr. Prashant Jain, has…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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