# In the matter of ARJUN ISPAT INDIA PRIVATE LIMITED

> NCLT judgment dated 2025-07-14. Citation: TCN-2025-NCLT-01159. The case pertains to the appointment of a new Liquidator for Leo Ispat Ltd under dissolution,…

- **Court:** NCLT
- **Order date:** 14 Jul 2025
- **Citation:** TCN-2025-NCLT-01159
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/arjun-ispat-india-private-limited-0103ca7a

## Summary

### Background

The case pertains to the appointment of a new Liquidator for Leo Ispat Ltd under dissolution, replacing Mr. Rajneesh Singhvi.

## Facts

A resolution was passed by the stakeholder's consultation committee to appoint a new Liquidator.

Ms. Harmeet Kaur was proposed as the new Liquidator, replacing Mr. Rajneesh Singhvi.

PNB Bank, the sole creditor, approved the appointment of Ms. Harmeet Kaur.

The consent of Ms. Harmeet Kaur to act as Liquidator was yet to be formally obtained.

The resolution for Ms. Kaur's appointment was approved subject to the receipt of her consent.

The existing Liquidator was replaced with a 100% vote share.

The Tribunal allowed the application and appointed Ms. Harmeet Kaur as Liquidator.

## Issues and analysis

### Issue 1: Whether the appointment of Ms. Harmeet Kaur as the new Liquidator in place of Mr. Rajneesh Singhvi …

**Ratio:** Regulation 31(9) of IBBI (Liquidation Process) Regulation, 2016 allows the members of SCC

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**Reasoning:** The stakeholder's consultation committee passed a resolution to appoint Ms. Harmeet Kaur

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**Interpretation:** The regulations permit the replacement of a Liquidator by the Committee of

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**Application:** The Tribunal considered the resolution and the consent of the proposed

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** M/s. Leo Is…
- **Respondents:** Leo Ispat…; M/s. Arjun Ispat…
- **Other parties:** Rajneesh S…; Harmeet…
- **Advocates:** S. K. S…

## Timeline

- **2025-05-22 — Resolutio…**: Resolution passed by the stakeholder's consultation committee regarding the appointment…
- **2025-07-14 — Order Del…**: Order delivered by the National Company Law Tribunal, New Delhi Bench, approving the…

## 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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