2021 (10) TMI 1361 - Tri - Insolvency and Bankruptcy

Seeking appointment of Insolvency Resolution Professional - HELD THAT - The applicant has approached the IRP who has accorded his consent to accept his appointment as the IRP. Accordingly, the application is allowed. Seeking his replacement from the position of Interim Resolution Profession for the CIRP of the Corporate Debtor - HELD HAT - Application has becomes infructuous and disposed of accordingly. List main company petition on 06.12.2021.

Summary

Issues:
1. Appointment of new Insolvency Resolution Professional (IRP)
2. Replacement of current IRP by the Corporate Debtor
3. Disposal of related Interim Applications

Appointment of new Insolvency Resolution Professional (IRP):
The Tribunal addressed an application filed by Suraksha Asset Reconstruction Ltd. seeking the appointment of a new IRP, Mr. Avinash Shukla, in place of the current IRP, Mr. Saurabh Kumar Tikmani. The Company Petition was previously admitted, and Mr. Tikmani expressed his inability to continue as the IRP due to personal reasons. The applicant approached Mr. Shukla, who consented to take up the role. Consequently, the Tribunal allowed the application and appointed Mr. Shukla as the new IRP, thereby disposing of the relevant Interim Application.

Replacement of current IRP by the Corporate Debtor:
Another application, filed by Mr. Tikmani, the current IRP, on behalf of the Corporate Debtor, sought his replacement as the Interim Resolution Professional for the Corporate Insolvency Resolution Process (CIRP). However, in light of the appointment of Mr. Shukla as the new IRP based on a previous order, this application was deemed infructuous and consequently disposed of by the Tribunal.

Disposal of related Interim Applications:
The Tribunal further disposed of an additional Interim Application, I.A. 2396/2021, in line with the decision made in I.A. 2292/2021 regarding the appointment of the new IRP. The disposal of these applications was necessary to streamline the proceedings and ensure the smooth continuation of the Corporate Insolvency Resolution Process. The main company petition was listed for further proceedings on 06.12.2021, indicating the progression of the case before the Tribunal.