# The State Trading Corporation of India Ltd vs. M/s Spacevision Impex Pvt Ltd

> NCLT judgment dated 2026-07-09. Citation: TCN-2026-NCLT-00793. An application (IA/2476/ND/2026) was filed by the Liquidator under Rule 11 of NCLT Rules, 2016,…

- **Court:** NCLT
- **Order date:** 9 Jul 2026
- **Citation:** TCN-2026-NCLT-00793
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/the-state-trading-corporation-of-india-ltd-vs-ms-spacevision-impex-pvt-ltd-jvric

## Summary

### Background

An application (IA/2476/ND/2026) was filed by the Liquidator under Rule 11 of NCLT Rules, 2016, seeking replacement of the Liquidator. The erstwhile Liquidator, Mr. Rakesh Prasad Khandelwal, who was appointed on 04.03.2022, was unable to continue due to ill-health and subsequently passed away. The Stakeholders' Consultation Committee (SCC) approved the filing of the application for replacement in its meetings on 19.12.2025 and 27.03.2026, but did not propose a name for the new Liquidator.

## Facts

An application (IA/2476/ND/2026) was filed on behalf of the Liquidator under Rule 11 of NCLT Rules, 2016.

The application seeks the replacement of the present Liquidator.

Mr. Rakesh Prasad Khandelwal was appointed as Liquidator by an order dated 04.03.2022.

Mr. Rakesh Prasad Khandelwal was unable to continue with the liquidation process due to ill-health and subsequently passed away.

The Stakeholders' Consultation Committee (SCC) approved the filing of an application for replacement of the Liquidator in its 41st Meeting held on 19.12.2025 and 42nd Meeting held on 27.03.2026.

The SCC has not proposed any name for the new Liquidator.

The Adjudicating Authority appointed Mr. Lekhraj Bajaj (IBBI Registration No. IBBI/IPA-002/IP-N00039/2016-2017/10078) as the new Liquidator.

## Issues and analysis

### Issue 1: Whether the present application seeking …

**Ratio:** The application for replacement

…

**Reasoning:** The erstwhile Liquidator, Mr. Rakesh Prasad Khandelwal, was unable to continue due to

…

**Interpretation:** The NCLT, under Rule 11 of NCLT Rules, 2016, possesses the inherent power to

…

**Application:** The Tribunal applied its discretionary power to allow the application,

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHAT…
- **Appellants:** The State Trading…; Liquid…
- **Respondents:** M/s Spacevision…
- **Other parties:** SCC…; Rakesh Prasad…; +2 more
- **Advocates:** Learned Counsel…

## Timeline

- **2022-03-04 — Appointment of…**: Mr. Rakesh Prasad Khandelwal was appointed as…
- **2025-12-19 — SCC Meeting…**: The Stakeholders' Consultation Committee (SCC) held its 41st Meeting and approved 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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