# In the matter of HINDUSTAN PAPER CORPORATION LIMITED

> NCLT judgment dated 2025-08-26. Citation: TCN-2025-NCLT-01348. The case involves an application regarding the replacement of a liquidator. The initial…

- **Court:** NCLT
- **Order date:** 26 Aug 2025
- **Citation:** TCN-2025-NCLT-01348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/hindustan-paper-corporation-limited-ece85d9f

## Summary

### Background

The case involves an application regarding the replacement of a liquidator. The initial liquidator, Mr. Kuldeep Verma, was facing suspension and expressed reluctance to continue the assignment on moral grounds.

## Facts

Mr. Kuldeep Verma, the initial liquidator, was facing suspension.

Mr. Kuldeep Verma expressed reluctance to continue as liquidator on moral grounds.

State Bank of India and Canara Bank, as secured creditors, suggested an IP from the IBBI panel.

Arun Kumar Gupta was suggested by State Bank of India and Canara Bank as a replacement liquidator.

The application for replacement of the liquidator was allowed.

## Issues and analysis

### Issue 1: Whether the application for replacement of the liquidator should be allowed given the circumstances …

**Ratio:** The court has the power to replace a liquidator based on the circumstances and the

…

**Reasoning:** The initial liquidator was facing suspension and expressed reluctance to continue. The

…

**Interpretation:** The court interpreted the situation as warranting a change in liquidator to

…

**Application:** The court applied its power to replace the liquidator and appointed Arun Kumar

…

## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** M/s Alloys &…
- **Respondents:** M/s. Hindustan…
- **Other parties:** Kuldeep…; Arun Kumar…
- **Advocates:** Rahul S…; Himanshu…; +4 more

## Timeline

- **2025-04-07 — Order by…**: Order No. IBBI/DC/282/2025 passed by the Insolvency & Bankruptcy Board of India…
- **2025-08-26 — Order Del…**: Order delivered on 26.08.2025, allowing 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/hindustan-paper-corporation-limited-ece85d9f