NCLT appoints new liquidator for Uniply Industries amidst suspension of previous one

The National Company Law Tribunal (NCLT), Chennai Bench, has approved the appointment of Ms. Santhanam Rajashree as the new Liquidator for Uniply Industries Limited. This change comes after the Insolvency and Bankruptcy Board of India (IBBI) suspended the registration of the previous Liquidator, Lingumgunta Venkata Shyam Sundar, for a period of two years.

The NCLT’s decision follows a recommendation from the Stakeholders Consultation Committee (SCC), which, in its twelfth meeting held on June 25, 2025, unanimously resolved to propose Ms. Santhanam Rajashree for the role. The company formally intimated this development on June 26, 2025, in compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Uniply Industries Limited was ordered for liquidation by the NCLT on May 3, 2023, with Mr. Lingumgunta Venkata Shyam Sundar initially appointed as the Liquidator. However, the IBBI’s suspension order against Sundar, issued on March 4, 2025, necessitated the appointment of a new individual to oversee the liquidation process.

The NCLT order directs Lingumgunta Venkata Shyam Sundar to hand over all charge and relevant documents to the newly appointed Liquidator, Ms. Santhanam Rajashree, within one week. Ms. Rajashree’s registration is confirmed to be valid, and she has provided the necessary affirmations to undertake the responsibilities.

The appointment aims to ensure the continued smooth progression of Uniply Industries Limited’s liquidation process, providing continuity and adherence to regulatory guidelines. Rajashree is mandated to proceed further in the liquidation process, upholding the interests of all stakeholders involved.

Uniply Industries in an exchange filing has said that as per the Valuation Report, the Liquidation Value of the company is estimated to be Rs 7.84 crore while the total claims received as on date amounts to approximately Rs 290 Crores.

It further said that any payment to the equity shareholders can be made, only after the settlement of claims of all creditors, statutory authorities and any other parties whose claims have been approved. “In view of the same it is highly unlikely that the equity shareholders of the Company will be able to recover any amount invested in the Company,” Uniply Industries said in a regulatory filing.

The Corporate Insolvency Resolution Process (CIRP) for Uniply Industries Limited was initiated based on an application filed by Kishan Chand Suresh Kumar, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT, Chennai Bench, pronounced the order admitting the petition on October 4, 2021.

Kishan Chand Suresh Kumar, a partnership firm, supplied Plywood and block boards to Uniply Industries Limited based on purchase orders, but the Corporate Debtor failed to make payments for the invoices. The Operational Creditor initially claimed an outstanding amount of Rs. 4.88 crore. Additionally, an amount of Rs. 3.24 crore was due from Uniply Decor Limited (a sister concern/group company), making them joint debtors.

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