# M/s. Ved Contracts Pvt. Ltd. vs. M/s. RG Infra Build Pvt. Ltd.

> NCLT judgment dated 2026-09-14. Citation: TCN-2026-NCLT-01027. An application (IA-4368/ND/2026) was filed seeking the replacement of the existing Liquidator…

- **Court:** NCLT
- **Order date:** 14 Sept 2026
- **Citation:** TCN-2026-NCLT-01027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/ms-ved-contracts-pvt-ltd-vs-ms-rg-infra-build-pvt-ltd-b23o0

## Summary

### Background

An application (IA-4368/ND/2026) was filed seeking the replacement of the existing Liquidator in the ongoing liquidation process of M/s. RG Infra Build Pvt. Ltd. The Committee of Creditors (CoC) had passed a resolution recommending this replacement, initiated by M/s Prasaditya ARC Limited, a secured financial creditor.

## Facts

An application (IA-4368/ND/2026) was filed for the replacement of the Liquidator.

The Committee of Creditors (CoC) passed a resolution dated 24.08.2026 recommending the replacement of the existing Liquidator.

M/s Prasaditya ARC Limited, a secured financial creditor holding 80.81% voting share in the CoC, requested the replacement of Mr. Rakesh Kumar Jain.

Mr. Amar Nath, an Insolvency Professional (Registration No. IBBI/IPA-001/P-01639/2019-2020/12530), was proposed as the new Liquidator.

The CoC clarified that the request for replacement was not due to any allegation of misconduct, incapacity, ineligibility, negligence, or default by the existing Liquidator.

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## Issues and analysis

### Issue 1: Whether the application for replacement of the Liquidator, Mr. Rakesh Kumar Jain, with Mr. Amar …

**Ratio:** The NCLT can approve the replacement of a liquidator based on a resolution passed by the

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**Reasoning:** The Committee of Creditors (CoC), including the secured financial creditor with a

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**Interpretation:** Section 34(4) of the IBC and Regulation 8B of the IBBI (Liquidation Process)

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**Application:** In this case, the CoC's resolution, initiated by a major financial creditor and

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. ATUL CHATURVED…
- **Appellants:** M/s. Ved Contracts…
- **Respondents:** M/s. RG Infra…
- **Other parties:** Committee of…; M/s Prasaditya…; +3 more
- **Advocates:** Abhirup Das…; Vagisha T…; +4 more

## Timeline

- **2026-08-24 — CoC Resol…**: The Committee of Creditors passed a resolution recommending the replacement of the…
- **2026-09-14 — Order Del…**: The NCLT delivered the order approving the replacement of the Liquidator and disposing of…

## 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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