# In the matter of MAS PROJECT ENGINEERS PRIVATE LIMITED

> NCLT judgment dated 2026-02-12. Citation: TCN-2026-NCLT-00169. The application IA-657/2026 was filed seeking acceptance of the resignation tendered by Mr.…

- **Court:** NCLT
- **Order date:** 12 Feb 2026
- **Citation:** TCN-2026-NCLT-00169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/mas-project-engineers-private-limited-c5f8df55

## Summary

### Background

The application IA-657/2026 was filed seeking acceptance of the resignation tendered by Mr. Rajeev Lochan, the Liquidator of Mas Projects Engineers Private Limited, and to relieve him of his duties.

## Facts

Mr. Rajeev Lochan, the Liquidator of Mas Projects Engineers Private Limited, tendered his resignation.

The Stakeholders Consultation Committee (SCC) approved the resignation of Mr. Rajeev Lochan with 96.67% majority.

The SCC proposed the appointment of another eligible Insolvency Professional as Liquidator.

The SCC did not propose a specific name for the new Liquidator.

The Tribunal appointed Mr. Vineet K Chaudhary as the new Liquidator.

The outgoing Liquidator was directed to transfer all records to the newly appointed Liquidator within one week.

## Issues and analysis

### Issue 1: Whether the resignation tendered by Mr. Rajeev …

**Ratio:** The resignation was approved by the

…

**Reasoning:** The SCC's approval indicates that the

…

**Interpretation:** The Tribunal considered the SCC's approval as a valid basis for accepting the

…

**Application:** The Tribunal accepted the resignation and

…

## Parties

- **Judges:** BACHU VENKAT…; Reena Sinh…
- **Appellants:** M/s. BM Pipes…
- **Respondents:** Mas Projects…; M/s. Mas Project…
- **Other parties:** Rajeev L…; Vineet K Ch…
- **Advocates:** Shivam G…

## Timeline

- **2026-02-12 — Order Del…**: Order delivered accepting the resignation of the liquidator and appointing a new…
- **2025-07-15 — Reference to Previous…**: Reference to the order dated 15.07.2025 passed in IA-6033/2022, IA-4153/2024,…

## 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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