# In the matter of VINDHYAVASINI CORPORATION PRIVATE LIMITED

> NCLT judgment dated 2025-07-18. Citation: TCN-2025-NCLT-01180. The State Bank of India, holding a 90.49% voting share in the Committee of Creditors (CoC),…

- **Court:** NCLT
- **Order date:** 18 Jul 2025
- **Citation:** TCN-2025-NCLT-01180
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/vindhyavasini-corporation-private-limited-b7b6713a

## Summary

### Background

The State Bank of India, holding a 90.49% voting share in the Committee of Creditors (CoC), filed IA/2303/2025 for the replacement of the Liquidator, citing a lack of substantial progress in the liquidation process and the current liquidator's suspension.

## Facts

State Bank of India filed IA/2303/2025 for the replacement of the liquidator.

State Bank of India holds 90.49% voting share in the CoC.

The current liquidator, Naren Sheth, is under suspension.

Naren Sheth has no objection to the proposed replacement.

Mukesh Khaturia is appointed as the new liquidator.

IA/544/2024 and IA/4609/2024 involve the liquidator as the Respondent and Applicant, respectively.

Counsels are directed to amend the Cause Title in IA/544/2024 and IA/4609/2024.

## Issues and analysis

### Issue 1: Whether the application for replacement …

**Ratio:** The court considered the lack of progress in the liquidation process and the current

…

**Reasoning:** The court relied on the submissions of the applicant and the lack of objection from the

…

**Interpretation:** The court interpreted the circumstances as warranting the replacement of the

…

**Application:** The court applied the principles of insolvency law to facilitate the smooth

…

## Parties

- **Judges:** Sushil Mahadeorao…; Charanjeet Singh…
- **Appellants:** State Bank of…
- **Respondents:** Vindhyavasini…
- **Other parties:** CoC…; Mukesh Kh…; +1 more
- **Advocates:** Abdullah Q…; Samuel Ab…

## Timeline

- **2025-07-18 — Order Del…**: Order delivered on the application…
- **2025-09-09 — Further Consi…**: IA/544/2024 and IA/4609/2024…

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