# In the matter of UNIK BAZAR LIMITED

> NCLT judgment dated 2025-08-18. Citation: TCN-2025-NCLT-01320. The Liquidator in the matter of Morari Commercial Pvt. Ltd. vs. Unik Bazar Ltd. filed an…

- **Court:** NCLT
- **Order date:** 18 Aug 2025
- **Citation:** TCN-2025-NCLT-01320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/unik-bazar-limited-b925541d

## Summary

### Background

The Liquidator in the matter of Morari Commercial Pvt. Ltd. vs. Unik Bazar Ltd. filed an application (IA-3764/ND/2025) seeking discharge from the liquidation process due to being overburdened with existing assignments.

## Facts

The Liquidator submitted that they are already handling eight assignments and cannot take up any new assignment.

The Liquidator sought to be discharged from the liquidation process.

The Applicant is coordinating/meeting with the Personal Guarantors in the above-mentioned matters, and he is regularly conducting the various meetings of creditors and various compliances.

Regulation 22 of the IBBI (Insolvency Professionals) Regulations, 2016 states that an insolvency professional should refrain from accepting too many assignments if they cannot devote adequate time to each.

The court replaced the Liquidator with Mr. Hemant Sethi.

## Issues and analysis

### Issue 1: Whether the Liquidator can be discharged from their duties due to being overburdened with existing …

**Ratio:** Regulation 22 of the IBBI (Insolvency

…

**Reasoning:** The court considered the Liquidator's submission and Regulation 22 of the IBBI

…

**Interpretation:** An insolvency professional can be discharged if they are overburdened and

…

**Application:** The court applied this principle to the present case and allowed the

…

## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** Morari Commercial…; Liquid…
- **Respondents:** Unik Baza…
- **Other parties:** KARUR VYSY…; Indian…; +1 more
- **Advocates:** Sumit S…; Roshan La…

## Timeline

- **2025-08-18 — Order del…**: Order delivered on the application for discharge of the Liquidator and appointment of a…
- **2025-07-16 — Order Da…**: Report under Section 99 of the I B Code 2016 heard and the matter has been reserved for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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/unik-bazar-limited-b925541d