ORDER

Adv. Dhrupad Vaghani a/w Adv. Gayatri Mohite and Adv. Neil Moondra for the Applicant/Liquidator in IA 153/2026 are present. Adv Adeel Parkar for Applicant SCC in IA 1641 of 2026 present. Adv. Gaurav Jalendra on behalf of the Applicant (Liquidator) in IA 445 of 2026 present.

IA (LIQ.) PROGRESS REPORT/445(MB)2026

1. This Application is filed by Mr. Sanjay Vijay Jeswani, Liquidator of Viztar International Private Limited, under Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 to place on record the 1st Progress Report for the Quarter Ending March 2026, from 05.03.2026 to 31.03.2026. The same is taken on record.

2. In terms of above, the IA (LIQ.) PROGRESS REPORT/445(MB)2026 is allowed and disposed of.

IA (I.B.C)/1533(MB)2026 and IA (I.B.C)/1641(MB)2026

1. An Application, namely IA (I.B.C)/1533(MB)2026, is filed on 13.04.2026 by Mr. Sanjay Vijay Jeswani, the Liquidator of M/s Viztar International Private Limited (“Corporate Debtor”) in the liquidation process thereof, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of the National Company Law Tribunal Rules, 2016 seeking his discharge as liquidator. The liquidator has sought following reliefs: -

a. Allow the present Application;

b. Discharge the Applicant from his duties and responsibilities as Liquidator of the Corporate Debtor herein;

c. Terminate, with immediate effect, the appointment and mandate of the Applicant as Liquidator of the Corporate Debtor;

d. Pass directions for appointment of a Liquidator as per the discussion held in second SCC meeting and in accordance with the provisions of the Code;

e. Pass any such other order that this Hon’ble Tribunal may deem fit in the interest of justice.

2. Another Application, namely IA (I.B.C)/1641(MB)2026 is filed on 15.04.2026 by Mr. Sahil Dipak Surve, the Financial Creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking replacement of the Liquidator appointed earlier in the liquidation process of M/s Viztar International Private Limited. The Financial Creditor has sought following reliefs: -

a. Pass an Order for replacement of the Existing Liquidator, Mr. Sanjay Vijay Jeswani (IBBI/IPA-001/IP-P-02891/2024-2025/14432), and appointment of Mr. Prabhat Jain (IBBI/IPA-001/IP-P-02233/2020-2021/13480; as the new Liquidator of Viztar International Private Limited (In Liquidation) in exercise of powers under Regulation 31A (11) of the IBBI (Liquidation Process) Regulations, 2016;

b. Direct the Existing Liquidator to hand over all assets, records, accounts, books, data, documents, bank account control, process IDs, passwords, correspondence and all information and property concerning the liquidation process of the Corporate Debtor to the new Liquidator.

c. Direct that any fee payable to the Existing Liquidator shall be strictly limited to entitlement under Regulation 4(2)(b) of the Liquidation Regulations on actual realizations made during his tenure, and no lump-sum fee or amount in excess thereof shall be payable, or such reasonable fee as this Hon'ble Tribunal may decide;

d. Allow the present Application.

e. Pass such other and further as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the case.

3. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process ("CIRP") by this Tribunal vide Order dated February 20, 2025 under Section 7 of the IBC, 2016. The Committee of Creditors comprised solely of the Applicant, Mr. Sahil Dipak Surve, holding 100% voting share. Despite multiple rounds of publication of Form G and extended timelines for submission of resolution plans, no compliant resolution plan was received and the CoC resolved to initiate liquidation proceedings.

4. Thereafter, vide Order dated March 05, 2026 passed in IA(IBC)(LIQ.)/18(MB)2026, this Tribunal directed liquidation of the Corporate Debtor under Section 33 of the IBC, 2016 and appointed Mr. Sanjay Vijay Jeswani as