In re Phalcomm Infra Solutions Private Limited (NCLT Mumbai)
In a recent order, the National Company Law Tribunal (NCLT), Mumbai Bench, has approved a resolution by the Stakeholders Consultation Committee (SCC) of Phalcomm Infra Solutions Private Limited to replace the appointed liquidator. This decision, which was delivered on a motion filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, highlights the authority of stakeholders in the corporate liquidation process to appoint a professional of their choosing.
The case began on June 30, 2025, when the NCLT admitted Phalcomm Infra Solutions into liquidation and appointed Mr. Uday Shreeram Sakrikar as the liquidator. Shortly thereafter, the SCC, which included the company’s sole Financial Creditor, Kuber Financial Services, held its first meeting on July 14, 2025. In this meeting, the committee passed a resolution by a 100% majority to replace the existing liquidator with Mr. Manish Lalji Dawda. The primary reason provided for the replacement was the desire to appoint a liquidator who was based in Mumbai, which the committee believed would be more beneficial to the liquidation process.
The application to the NCLT was filed to formalize this decision. It was submitted that the proposed liquidator had provided his written consent for the appointment. The application also emphasized that key functions of the liquidation process, such as the realization and distribution of assets, were yet to be performed, and therefore, the replacement was timely and in the best interest of the stakeholders.
