Edelweiss Asset Reconstruction Company Ltd. Vs Ramachandran Subramanian (NCLAT Delhi)
The National Company Law Appellate Tribunal (NCLAT) Delhi has intervened in a dispute involving Edelweiss Asset Reconstruction Company Ltd. and the appointed liquidator, Ramachandran Subramanian. The appeal challenged a July 9, 2025, order by the National Company Law Tribunal (NCLT) that mandated a meeting of the Stakeholder Consultation Committee (SCC) on July 15, 2025, without allowing Edelweiss ARC, holding 84.82% of the vote share, to participate in voting.
Edelweiss ARC had filed an application (IA No. 5798/ND/2024) seeking the liquidator’s replacement. Concurrently, the liquidator filed a separate application (IA No. 4269/ND/2024) to exclude Edelweiss ARC from the SCC, alleging it was a “related party” to the Corporate Debtor. This “related party” application is currently pending before the NCLT, with a hearing scheduled for August 6, 2025.
The NCLAT acknowledged the liquidator’s submission that the SCC meeting was called based on Edelweiss ARC’s earlier assertion that the liquidator would be removed even with its votes excluded from previous voting. While allowing the SCC meeting to proceed on July 17, 2025 (adjusted from July 15, 2025, due to notice requirements), the NCLAT directed that the outcome of this meeting not be announced or made public. Instead, the results are to be kept in a sealed cover and presented to the NCLT on the next hearing date.
