NCLT Allows Liquidation of Phalcom Infra Solutions Pvt Ltd [Read Order]
The outgoing Liquidator shall handover the control and custody of information/documents/assets of the Corporate Debtor to the newly appointed Liquidator, and upon such handover, he shall stand discharged from his duties as liquidator
In a recent case, the Mumbai bench of the National Company Law Tribunal (NCLT) allowed the liquidation of Phalcom Infra Solutions Pvt Ltd. The Applicant has also procured the written consent of the proposed Liquidator, which was received on 14th July, 2025.
The Application has been filed by Stakeholder Committee of Phalcomm Infra Solutions Private Limited through Kuber Financial Services, the sole Financial Creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of the NCLT Rules, 2016 seeking following reliefs.
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On 30th June, 2025, the NCLT, Mumbai passed an order admitting the Corporate Debtor into liquidation and appointed Mr. Uday Shreeram Sakrikar (based in Pune) as the Liquidator. The Applicant herein has filed the instant application to replace the Liquidator as voted upon and approved by the Stakeholders in the Stakeholders Consultation Committee meeting of Phalcomm Infra Solutions Private Limited.
Stakeholders Consultation Committee in its First Meeting held on Monday, 14th July 2025 proposed to replace the existing Liquidator and appoint Mr. Manish Dawda by majority vote of 100% with a view that it would be beneficial to appoint a Liquidator who is based in Mumbai.
The Applicant has also procured the written consent of the proposed Liquidator, which was received on 14th July, 2025. It is also submitted that various functions in respect of the Corporate Debtor are yet to be performed by the Liquidator under IBC, 2016 namely, realization of assets through various means available and thereafter distribution of the net proceeds amongst its stakeholders.
A two member bench Prabhat Kumar and Sushil Mahadeorao Kochey viewed that the SCC has passed the resolution by requisite majority for appointment of Manish Dawda, Insolvency Professional, having AFA Certificate as the Liquidator in the matter of Liquidation Process of the Phalcomm Infra Solutions Private Limited, Corporate Debtor.
The outgoing Liquidator shall hand over the control and custody of information/documents/assets of the Corporate Debtor to the newly appointed Liquidator, and upon such handover, he shall stand discharged from his duties as liquidator.
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