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2022 (6) TMI 8 - Tri - Insolvency and BankruptcyAppointment of Insolvency Professional - Section 21(6A)(b) of the IBC, 2016 read with Regulation 16A(1) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT - It is seen from the records that the Applicant/Liquidator has complied with all the procedures prescribed under the law. The Form AB is verified the Written Consent produced by Shri Rajendran P.R. to act as the Authorized Representative of the class of creditors. Since this Tribunal is satisfied that Shri Rajendran P.R. can be appointed as the Authorized Representative of the class of creditors, Mr. Rajendran P.R., Insolvency Professional having Registration Number IBBI/IPA-001/IP-P01748/2019-2020/12717 residing at Padinjareparippil, Kulayettikkara P.O., Kanjiramattom, Ernakulam, Kerala-682 317, is appointed as the Authorized Representative for the Class of Creditors in the Kerala Chamber of Commerce and Industry. Application allowed.
Issues:
Appointment of Authorized Representative for the class of creditors in a Corporate Insolvency Resolution Process. Analysis: The case involved an application filed under Section 21(6A)(b) of the IBC, 2016 seeking the appointment of an Authorized Representative (AR) for the class of creditors in a Corporate Insolvency Resolution Process. The applicant, an Insolvency Resolution Professional, requested the appointment of Mr. Rajendran P.R. as the AR for the creditors of a specific company. The Tribunal noted that the application was in compliance with the relevant regulations and procedures. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor, and the Applicant was appointed as the Interim Resolution Professional. The 1st Meeting of the Committee of Creditors (CoC) was held, and Mr. Rajendran P.R. was selected as the AR for the Homebuyers class of Creditors based on the majority choice of the creditors. The Tribunal emphasized the importance of timely appointment of the AR, as per Regulation 16A(3), to ensure the validity of decisions taken by the Committee. Furthermore, the Tribunal reviewed the list of Insolvency Professionals suggested by the Interim Resolution Professional and the selection process followed by the creditors. Out of the eleven claims received, eight Allottees indicated their preference for Mr. Rajendran P.R. as the Authorized Representative. However, during the hearing, it was discovered that individual consent letters from all creditors were not submitted. Consequently, the Tribunal directed the IRP to provide the necessary documentation within seven days. Subsequently, the Applicant produced the individual copies of Form CA signed by all eight Creditors-allottees, confirming their choice of Mr. Rajendran P.R. as the AR. After examining the case records, the Form AB, and the relevant provisions of the IBC, 2016, the Tribunal was satisfied with the compliance of procedures and the suitability of Mr. Rajendran P.R. for the role of Authorized Representative. Therefore, the Tribunal granted the application and appointed Mr. Rajendran P.R. as the Authorized Representative for the Class of Creditors in the specific company, thereby allowing IA(IBC)/62(KOB)/2022. In conclusion, the judgment focused on the appointment of an Authorized Representative for the class of creditors in a Corporate Insolvency Resolution Process, highlighting the procedural compliance, creditor selection process, and the importance of timely submission of required documentation to ensure the validity of decisions taken by the Committee of Creditors.
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