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TMI Blog2019 (8) TMI 1551X X X X Extracts X X X X X X X X Extracts X X X X ..... IBBI , the Committee of Creditors cannot await the decision of the IBBI for the purpose of replacement. The Committee of Creditors having decided to remove the Resolution Professional with 88% voting share, it was not open to the Adjudicating Authority to interfere with such decision, till it is shown that the decision of the Committee of Creditors is perverse or without jurisdiction. The Committee of Creditors with majority voting share of 88% having decided to replace Mr. Kiran Shah , he cannot function as Resolution Professional , though he will be entitled to his fee and cost, if any, incurred by him in terms of the I B Code . It was not open to the Adjudicating Authority to direct the same very Resolution Professional t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIRP is on the verge of the completion. As per Section 22(1) of the Insolvency Bankruptcy Code, the first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of creditors. (2) The committee of creditors, may, in the first meeting, by a majority vote of not less than seventy five per cent of the voting share of the financial creditors, either resolve to appoint the interim resolution professional as a resolution professional or to replace the interim resolution professional by another resolution professional. (3) Where the committee of creditors resolves under sub-section (2) ---- (a) to continue the interim resolution professional as resolution professional, it shall co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor. The said fact is also conceded by the Learned Lawyer of the COC, if that be the situation, we don t find any reason to replace the IRP/RP at this stage. It is mentioned herein that the CIRP has to be completed in time bound manner and as such the COC is expected to take steps diligently and not in perfunctory or casual manner. The Resolution Professional who is present today further submitted that from the date of his appointment as IRP the professional fee as well as expenditure incurred till date during the CIRP has not yet been paid to him. Hence, an appropriate direction may be given to the COC. The COC is hereby directed to take necessary steps towards the payment of remuneration and expenditure of the IRP. Meanw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the aforesaid reason, it was not open to the Adjudicating Authority to direct the same very Resolution Professional to file an application for Liquidation particularly when the Committee of Creditors in its meeting decided to request the Adjudicating Authority to extend certain period and if not allowed, then pass order of Liquidation . For the reason aforesaid, we set aside the impugned order dated 27th June, 2019 passed by the Adjudicating Authority. It is informed that the Adjudicating Authority has already passed the order of Liquidation and therefore, we are not expressing any opinion with regard to such order in absence of challenge. However, it will be open to the parties to challenge the same, if it is not in acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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