# Stressed Assets Stabilisation Fund vs. Adya Oils & Chemicals Ltd

> NCLT judgment dated 2026-08-14. Citation: TCN-2026-NCLT-00850. Omkara Assets Reconstruction Pvt. Ltd. filed an Interlocutory Application (IA/3558/2026)…

- **Court:** NCLT
- **Order date:** 14 Aug 2026
- **Citation:** TCN-2026-NCLT-00850
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/stressed-assets-stabilisation-fund-vs-adya-oils-chemicals-ltd-2genm

## Summary

### Background

Omkara Assets Reconstruction Pvt. Ltd. filed an Interlocutory Application (IA/3558/2026) seeking the replacement of the existing Liquidator, Mr. Chandra Prakash Jain, with Mr. Chirag Rajendrakumar Shah for the Corporate Debtor, Adya Oils and Chemicals Ltd. This application was prompted by an order dated 03.07.2026 from the IBBI Disciplinary Committee, which cancelled Mr. Chandra Prakash Jain's registration, with the cancellation becoming effective 30 days from the order date. The applicant, Omkara Assets Reconstruction Pvt. Ltd., holds a significant 99.96% voting share in the Committee of Creditors (CoC).

## Facts

IA/3558/2026 was filed by Omkara Assets Reconstruction Pvt. Ltd. seeking specific prayers.

The IA sought an order for the replacement of Mr. Chandra Prakash Jain, the present Liquidator, with Mr. Chirag Rajendrakumar Shah as the new Liquidator of the Corporate Debtor, Adya Oils and Chemicals Ltd.

The Disciplinary Committee of the IBBI, through an order dated 03.07.2026, cancelled the registration of the present Liquidator, Mr. Chandra Prakash Jain.

The IBBI's cancellation order is to come into force after 30 days from its date of issuance.

The Applicant (Omkara Assets Reconstruction Pvt. Ltd.) holds 99.96% voting in the Committee of Creditors (CoC).

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## Issues and analysis

### Issue 1: Whether Mr. Chandra Prakash Jain, the present Liquidator of Adya Oils and Chemicals Ltd., should be …

**Ratio:** A liquidator whose registration has been cancelled by the IBBI Disciplinary Committee,

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**Reasoning:** The NCLT considered the cancellation of the current liquidator's registration by the

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**Interpretation:** Section 60(5) of the IBC, read with Rule 11 of the NCLT Rules, 2016, grants the

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**Application:** In this case, the cancellation of Mr. Chandra Prakash Jain's registration by

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## Parties

- **Judges:** Vinay…; Charanjeet Singh…
- **Appellants:** Stressed Assets…; Omkara Assets…
- **Respondents:** Adya Oils &…; Adya Oils and…
- **Other parties:** Chandra Prakash…; Chirag Rajendrakum…
- **Advocates:** Mily Gh…; Shweta Th…

## Timeline

- **2026-07-03 — IBBI Ord…**: Disciplinary Committee of the IBBI passed an order cancelling the registration of Mr.…
- **2026-08-14 — Order Del…**: NCLT delivered the order allowing…

## 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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