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2021 (7) TMI 489 - Tri - Insolvency and BankruptcySeeking relief from the duty assigned to Liquidator to act as a liquidator for the corporate debtor company - seeking appointment of any other person in place of the applicant in the mentioned matter to act as a liquidator - HELD THAT - The Applicant has been facing some issues with regard to her health and family concerns - Also, no fees had been paid to the Applicant so far since 06.09.2019 as the fees has to be paid from the sale proceeds of the assets as per the slabs fixed by IBBI and till date not a single asset has been sold or auctioned by the Applicant. From the panel of resolution professionals approved for NCLT, Jaipur Bench for appointment as IRP or Liquidator, Mr. Sourab Malpani with Registration No. IBBI/IPA-001/IP-P01265/2018-2019/12047 is selected - Therefore Mr. Sourab Malpani is appointed in replacement of Ms. Sarita Duck for continuing the liquidation proceedings in respect of the Corporate Debtor, M/s. Balajidham Buildestate Pvt. Ltd. Ms. Sarita Duck, shall hand over the entire records and the assets of the company which have been taken over by her in course of the corporate insolvency process and liquidation process to the Liquidator forthwith. Mr. Sourabh Malpani, Liquidator shall take over the charge of the aforesaid records and the assets and perform his duties as required under the Code and the relevant Rules and Regulations thereunder - the Liquidation fees payable as per the provisions of the Code shall be divided between Ms. Sarita Duck for the duties carried out by her and the Liquidator appointed herein in the ratio of 3 7. Application allowed.
Issues:
Relief sought by the Applicant to be relieved from the duty as liquidator and appointment of a new liquidator. Analysis: The Applicant, Ms. Sarita Duck, filed an application seeking relief from her duty as the liquidator for a Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. The Applicant cited health and family concerns, specifically the need to care for elderly parents and a son residing in a different city. The Tribunal noted that no fees had been paid to the Applicant since her appointment as the liquidator, as no assets had been sold. Consequently, the Tribunal decided to appoint Mr. Sourab Malpani as the new liquidator to continue the proceedings. Mr. Malpani's credentials were verified, and he was found suitable for the role. The Tribunal ordered Ms. Sarita Duck to hand over all records and assets to Mr. Malpani promptly. The Tribunal directed Mr. Malpani to file regular progress reports as per the regulations. Additionally, the Tribunal decided to divide the liquidation fees between Ms. Sarita Duck and Mr. Malpani in a ratio of 3:7 based on the duties performed by each. The order was communicated to the concerned parties and the Insolvency and Bankruptcy Board of India for record-keeping. Ultimately, the application was allowed, and the matter was disposed of accordingly.
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