2018 (9) TMI 2063 - Tri - Insolvency and Bankruptcy

Seeking approval of the replaced Resolution Professional - Section 22(4) of the IBC, 2016 - HELD THAT - We presume the confirmation by the IBBI and approve the name of Ms. Nisha Malpani to act as an RP. Thus we accord our acceptance to the proposal made by the COC. The RP is expected to discharge her functions diligently, honestly and ethically. She is also expected to file reports from time to time as per the requirements of the Insolvency and Bankruptcy Code, 2016 and the Regulations and guide the COC as per the provisions of the statute and Regulations. Application disposed off.

Summary

Issues:
1. Approval of the replaced Resolution Professional under Section 22(4) of the IBC, 2016.
2. Confirmation of the Resolution Professional's appointment by IBBI.
3. Disposal of application CA-531(PB)/2018.
4. Appointment of authorized representative of creditors.
5. Deferral of hearing for application CA-402(PB)/2018.

Analysis:
1. The judgment pertains to an application filed under Section 22(4) of the IBC, 2016 seeking approval of the replaced Resolution Professional, Ms. Nisha Malpani, proposed by the Committee of Creditors. The Resolution Professional had provided written consent in Form AA (A2), and the appointment was approved based on unanimous vote by the COC.

2. During the hearing, the Adjudicating Authority-NCLT ensured that Ms. Nisha Malpani's name was on the list of approved Resolution Professionals issued by the IBBI under Section 22(4) of the IBC, 2016. Upon confirmation that her name was on the list, the appointment was presumed confirmed by IBBI, and Ms. Nisha Malpani was approved to act as the RP, with expectations to fulfill her duties diligently, honestly, and ethically as per the Code and Regulations.

3. The application CA-531(PB)/2018, which was rendered infructuous as per the RP's counsel, was dismissed accordingly. The RP informed about the ongoing process of appointing authorized representatives of creditors, including the consideration of a specific applicant, Sh. Jai Pratap Singh, for inclusion as a candidate for voting as required by Section 21(6A) (b) of the IBC, 2016.

4. The judgment also mentioned the deferral of the hearing for application CA-402(PB)/2018 as requested by the Resolution Professional. The hearing was rescheduled to 12.09.2018, indicating procedural adjustments based on RP's request.

In conclusion, the judgment primarily focused on the approval and confirmation of the Resolution Professional's appointment, dismissal of infructuous applications, consideration of authorized representatives of creditors, and procedural adjustments based on RP's requests, ensuring compliance with the Insolvency and Bankruptcy Code, 2016 and related Regulations.