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TMI Blog2019 (8) TMI 1552X X X X Extracts X X X X X X X X Extracts X X X X ..... he 'Resolution Professional' - 'Mr. S. Gopalakrishnan' for removal, it would require first decision on the correctness of the ground and would delay 'IRP' and such procedure is not in interest of the process. Sections 22 and 27 of the I B Code do not require giving reasons for replacement and Adjudicating Authority is not required to decide on such reasons. The 'Committee of Creditors', therefore, did not reflect any allegation or any proceeding against 'Mr. S. Gopalakrishnan' and simply decided to replace him. Further in the facts and circumstances, we are of the view that the Adjudicating Authority though decided the matter relating to the 'Resolution Professional' should have also decided t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor), was admitted by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai in C.P. No. 587/I BP/2018. 2. The 'Corporate Insolvency Resolution Process' continued for about 180 days and as no substantive progress was made, the 'Committee of Creditors' in its meeting held on 3rd October, 2018 resolved to appoint 'Mr. Santanu T. Ray', registered 'Resolution Professional' in place of 'Mr. S. Gopalakrishnan', Interim Resolution Professional, who was allowed to continue as 'Resolution Professional'. The prayer was also made to extend certain period to enable the 'Committee of Creditors' to ensure successful resolution process. [Type here] 3. The Adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peration of the Directors/Partners of the 'Corporate Debtor'. However, we find that the aforesaid fact was not brought to the notice of the Adjudicating Authority by the IRP - 'Mr. S. Gopalakrishnan' within 30 days during which the IRP was supposed to take possession of the record and the 'Corporate Debtor'. In fact, for one or other reason, the matter could not progress. In this background, the 'Committee of Creditors', by 100% voting share decided to replace the 'Resolution Professional' - 'Mr. S. Gopalakrishnan' and proposed another Resolution Professional - 'Mr. Santanu T. Ray'. As we find that the Adjudicating Authority rejected application on the basis that no specific ground has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... place the evidence in support of the fee and cost incurred by him and 'Committee of Creditors' will decide the same and admitted dues to be released in his favour by the 'Committee of Creditors', which may be adjusted from the resolution cost. 'Mr. S. Gopalakrishnan' will hand over the charge to 'Mr. Santanu T. Ray'. Further in the interest of the 'resolution process', we extend the period for 90 days in addition to 180 days, which have already lapsed. The extension of period is from prospective date from the date of receipt of certified copy of this order. In case the application has filed by the 'Committee of Creditors' for extension of time before the Adjudicating Authority, that applic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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