Authority: National Company Law Tribunal (NCLT), Bench comprising Smt. Bidisha Banerjee (Member Judicial) and Cmde Siddharth Mishra (Member Technical)

Order Date: 9th June 2026

Case Overview

This order disposes of two interconnected applications (IA (IB) No. 253/KB/2026 and IA (IB) No. 451/KB/2026) in the main company petition CP (IB) No. 157/KB/2022. The corporate insolvency resolution process (CIRP) against Manglam Fiscal Services Private Limited was initiated on 3rd October 2023 on an application filed by State Bank of India (Financial Creditor). Mr. Avishek Gupta was initially appointed as Interim Resolution Professional (IRP). The Committee of Creditors (CoC) subsequently resolved to liquidate the company through e-voting in its 10th meeting held on 6th May 2024. The NCLT initiated liquidation proceedings and appointed Mr. Vasudeo Agarwal as Liquidator on 16th January 2025, who was later replaced by Mr. Soumitra Lahiri on 24th April 2025.

The Stakeholders Consultation Committee (SCC) filed IA (IB) No. 451/KB/2026 seeking replacement of the incumbent liquidator, Mr. Soumitra Lahiri, under Regulation 31A(11) of the IBBI (Liquidation Process) Regulations, 2016. This application was based on a resolution passed in the 7th SCC meeting held on 19th February 2026 with 88.78% voting share. The SCC argued that the corporate debtor is part of a larger group including Shree Padmavati Metaliks Private Limited and Ambay Coke Industries Private Limited, with common promoters/directors, intertwined financial affairs, cross-collateralization, overlapping assets, and inter-company transactions. The proceedings of these group entities are already being handled by the proposed liquidator, Mr. Vijender Sharma (Registration No. IBBI/IPA-003/IP-N00003/2016-2017/10022). The SCC contended that appointing a common liquidator would ensure coordinated liquidation strategy, efficient asset realization, avoidance of conflicting positions, and maximization of value for stakeholders. They emphasized that stakeholders had lost confidence in the existing liquidator and that the application was not based on personal allegations but on broader commercial considerations.

Simultaneously, the incumbent liquidator, Mr. Soumitra Lahiri, filed IA (IB) No. 253/KB/2026 expressing his unwillingness to continue and seeking to resign from the assignment.

Final Outcome

The NCLT allowed both applications and ordered the replacement of Mr. Soumitra Lahiri with Mr. Vijender Sharma as the new liquidator of Manglam Fiscal Services Private Limited. The SCC unconditionally agreed to withdraw the show-cause notice issued to the liquidator (though they will not withdraw the complaint before IBBI). The SCC was directed to pay all liquidation and legal costs incurred by Mr. Soumitra Lahiri till date. The tribunal specifically noted that no allegations were pressed against the liquidator and the replacement was ordered for the broader objective of timely completion of insolvency proceedings and value maximization, considering also the liquidator's resignation.

Topics: Insolvency Proceedings, Liquidator Replacement, Corporate Governance