Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 08/06/2026
Case Overview
This order addresses two interlocutory applications (IA No. 849 of 2026 in IA No. 308 of 2025 and IA No. 850 of 2026 in IA No. 307 of 2025) arising from CP (IB) No. 83 of 2023 concerning Camerich Papers Private Limited. The applications were filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016. The matter involves proceedings under Section 9 of the IBC between Saheb Impex (through partner Raviraj Tapulal Aghara) as applicant and Camerich Papers Pvt Ltd as respondent.
The core issue was a request to substitute Indian Bank, the lead member of the consortium banks, in place of the Applicant/Liquidator in the existing avoidance applications (IA No. 307 of 2025 and IA No. 308 of 2025). This substitution was authorized by the Stakeholders' Consultation Committee (SCC) in its 8th meeting held on 23.03.2026, which resolved to authorize Indian Bank to pursue the avoidance applications. The Adjudicating Authority had previously directed the Applicant to take appropriate steps for substitution vide order dated 30.03.2026.
Final Outcome
The tribunal allowed both applications, permitting Indian Bank to be substituted in place of the Applicant/Liquidator in IA No. 307 of 2025 and IA No. 308 of 2025. Consequential amendments in the memo of parties and cause title were also permitted. The necessary substitution/amendment must be carried out within one week, with a copy furnished to the opposite parties, who are granted seven days thereafter to file their response. The applications stand allowed and disposed of.
Topics: Insolvency Proceedings, Bank Substitution, Avoidance Applications