9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 998 - Tri - Insolvency and BankruptcySeeking for replacement of the Interim Resolution Professional by a Resolution Professional - Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - The provisions of Section 22 of the Code require that the CoC would be competent to replace the IRP by another RP by a majority vote of not less than 75% of the voting share of the Financial Creditors. The CoC resolution dated 09.02.2022 is supported by 100% voting share as the Punjab National Bank is the sole Financial Creditor present in the CoC and the other members of the CoC do not have any voting rights. A copy of the Resolution dated 09.02.2022 along with minutes of the CoC meeting are annexed with the Application marked as ANNEXURE-A. The instant Application is filed through Mr. Devendra Kumar Pandey who is conversant with the facts of the case. He is a duly constituted attorney and is authorized to sign and verify the Application and to do the needful on behalf of the Applicant and by a General Power of Attorney dated 29.11.2011, the Special Committee of the Board of Directors of the Applicant Bank, constituted under Board Resolution No. 92 dated 22.03.2010, appointed Mr. Devendra Kumar Pandey, as an attorney in the said Power of Attorney, including, inter alia, the power to institute suits, to file appeals, revisions, writs, legal proceedings and defend the same. A Copy of the Power of Attorney dated 22.03.2010 is annexed with the Application marked as ANNEXURE-E. Shri Purshotam Gaggar is hereby appointed having Regd. IBBI/IPA-001/IP-P00487/2017-18/10875 as the RP of the CD replacing the present IRP Mr. Vakati Balasubramaniam Reddy with immediate effect i.e. from today as approved by the COC with 100% voting Payment of fees of outgoing RP - HELD THAT - The COC is directed to clear the dues of the outgoing RP and CIRP cost as per the provisions of the Code. Application admitted.
Issues:
Application under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016 for replacement of Interim Resolution Professional by Resolution Professional. Analysis: The Punjab National Bank filed an application under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the Interim Resolution Professional (IRP) with a Resolution Professional for the Corporate Insolvency Resolution Process (CIRP) of a specific company. The application was supported by the Committee of Creditors (CoC) with a resolution passed in a meeting where Shri Purshotam Gaggar was proposed as the new Resolution Professional to replace the current IRP, Shri Vakati Balasubramaniam Reddy. The CoC's decision was backed by 100% voting share as the Punjab National Bank was the sole Financial Creditor present, giving it the authority to make the replacement decision. The Tribunal reviewed the application, the relevant provisions of Section 22 of the Code, and the supporting documents provided by the applicant. After hearing both parties and examining the records, the Tribunal approved the appointment of Shri Purshotam Gaggar as the new Resolution Professional for the Corporate Debtor, replacing the existing IRP with immediate effect. The outgoing IRP was directed to hand over all necessary documents within two days from the date of the order. The new RP was instructed to carry out all functions as prescribed under various sections of the Code diligently and honestly to ensure the timely completion of the CIRP. Regarding the payment of fees, the CoC was directed to settle the dues of the outgoing IRP and CIRP costs in accordance with the provisions of the Code and a specific judgment of the Honorable Supreme Court. The Tribunal admitted and disposed of the present application with the provided directions, thereby finalizing the process of replacing the IRP with the new Resolution Professional for the ongoing CIRP of the company.
|
