Tribunal appoints new liquidator, directs fee sharing & transfer of assets

The Tribunal appointed Mr. Sourab Malpani as the new liquidator to replace Ms. Sarita Duck, who sought relief from her duties due to health and family reasons. Mr. Malpani was directed to continue the proceedings and share liquidation fees with Ms. Duck in a 3:7 ratio based on duties performed. The Tribunal ordered Ms. Duck to transfer all records and assets promptly. Mr. Malpani was instructed to submit regular progress reports, and the decision was communicated to relevant parties and regulatory authorities. The application was allowed, and the case was closed.

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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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