2020 (11) TMI 1003 - Tri - Insolvency and Bankruptcy

Seeking Replacement of IRP - It is submitted that the CoC on 26 October 2020 has resolve to replace the IRP Mr. Nazim Khan with Ms. Deepika Prasad - HELD THAT - The resolution passed for replacing the IRP has been passed with 87% voting share. Therefore, Ms. Deepika Prasad is appointed as RP and Mr. Nazim Khan is hereby relief from the assignment with the direction to hand over the record and assets of CD within 10 working days to Ms. Deepika Prasad against proper receipts. The Proxy Counsel for Mr. Nazim Khan is present but has no information about the detail of remuneration and out of pocket expenses, which is to be paid to the IRP. Therefore, the CoC is directed to work out the remuneration and other expenses, if any, and pay the same to the IRP viz., Mr. Nazim Khan within 2 weeks. Application allowed.

Summary

The National Company Law Tribunal, New Delhi Bench, replaced IRP Mr. Nazim Khan with Ms. Deepika Prasad as RP due to a resolution passed with 87% voting share. Mr. Nazim Khan was directed to hand over the record and assets of CD to Ms. Deepika Prasad within 10 working days. The CoC was directed to work out and pay the remuneration and expenses to Mr. Nazim Khan within 2 weeks. The IA was allowed.