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Judgment
IA/269(MP)2023) & IA/344(MP)2023
This is the application filed by the Consultation Committee of corporate debtor Bhagwan Motors Pvt. Ltd under Regulation 31(A) (11) of IBC, 2016 seeking for replacement of the liquidator who was appointed by the Adjudicating Authority vide order dated 01.09.2023. The liquidator was appointed from the approved panel of the IBBI while passing the liquidation order.
We have heard learned counsel Mr. Ayushman Gupta appearing for the applicant Consultation Committee. We have also noted from the memo of parties that the application has been filed by the Consultation Committee through Mr. Manoj Kumar Soni, Chief Manager, Assets Recovery Branch, Union Bank of India.
We have also heard Ld. PCA Ms. Ayushi Patidar in the matter of another IA/344(MP)2023 which has been filed by the liquidator (duly authorized by the SCC) under Section 60(5) r.w. Regulation 31A (11) whereby the prayer is made for withdrawal of the application IA/269(MP)2023 seeking replacement of the liquidator. She submits that IA/269(MP)2023 was filed by the Consultation Committee who were primarily the secured creditors and functioned as Consultation Committee under sub-regulation (1A) of Regulation 31A till the new Consultation Committee was constituted.
She also submits that the new Consultation Committee has been formed as per sub-regulation 31A and that the Union Bank of India is no longer a member of the present Consultation Committee. She also submits that Union Bank of India has exercised its option for security interest and as such for that reason is not a member of the Consultation Committee at present.
After hearing both parties, in respect of these two IAs, we are of the view that the IA/269(MP)2023 is not at all maintainable and the same deserves to be dismissed as withdrawn as proposed by the resolution of the present SCC and prayed in IA/344(MP)2023. The liquidator shall continue to discharge his function.
With this, IA/344(MP)2023 stands allowed and disposed of.
Accordingly, both applications are disposed of.