9911796707
TMI Blog2019 (11) TMI 1474X X X X Extracts X X X X X X X X Extracts X X X X ..... im Khan, the IRP appointed, at the time of admission of the Application U/S 9 of the IBC, 2016 [(IB) 889 (ND)/2019] on 08.08.2019. The prayer to confirm the appointment of Mr. Ashok Kumar Juneja as RP is concerned, is rejected. Thus, unless the specific resolution is passed under Section 22(2) of the IBC, 2016 by the COC by majority vote of not less than 66% of the voting shares of the Financial Creditor, the name of Mr. Ashok Kumar Juneja cannot be approved as Resolution Professional - we are unable to accept the prayer of HDFC Bank to appoint Mr. Ashok Kumar Juneja as Resolution Professional unless his appointment is approved by-majority vote of not less than 66% of the voting share of Financial Creditor. - C.A. 50/C-V/ND/2019, C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P-N00117/2017-18/10286. Copy of the consent received by Mr. Ashok Kumar Juneja alongwith the Certificate of Registration is annexed herewith as Annexure-B. 4. He further submitted that the insolvency process is at the initial stage and so no prejudice will be caused to the Corporate Debtor, if Mr. Ashok Kumar Juneja is replaced as RP. 5. Learned Counsel appearing for the Operational Creditor submitted that the first COC was called on 21st September 2019 in which the HDFC Bank had proposed to replace Mr. Mohd. Nazim Khan, IRP by Shri Ashok Kumar Juneja as a Resolution Professional but that proposal was not accepted by the COC rather COC simply disapproved the confirmation of IRP Mr. Mohd. Nazim Khan as Resolution Professional. He furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IBC, 2016 shows that in the first meeting of COC by majority vote, which is not less than 66% of the voting share of the Financial Creditor, COC either resolve to appoint the interim resolution professional as resolution professional or to replace the interim resolution professional by another resolution professional, which shows that it is for the COC to decide whether the IRP appointed earlier shall be continued as Resolution Professional or some other will be replaced. 8. In the light of that provision, we would like to consider the resolution passed by the COC in the first meeting i.e. 21 September, 2019 and from the perusal of the same, we find that Agenda number 1 replacement of IRP by another RP as per section 22(2) of IBC, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ashok Kumar Juneja as Resolution Professional is concerned, it is resolved that the Chairman asked for copy of the consent of Mr. Ashok Kumar Juneja from the HDFC Bank who said that the consent would be provided by end of the day . We, further, find that there is no specific resolution on the point of change of IRP to Mr. Ashok Kumar Juneja as RP, rather, the COC has simply disapproved the appointment of Mohd. Nazim Khan, the IRP appointed, at the time of admission of the Application U/S 9 of the IBC, 2016 [(IB) 889 (ND)/2019] on 08.08.2019. 10. Under such circumstances, we are of the considered view unless the specific resolution is passed under Section 22(2) of the IBC, 2016 by the COC by majority vote of not less than 66% of the vot ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
