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TMI Blog2021 (6) TMI 576X X X X Extracts X X X X X X X X Extracts X X X X ..... ng reliefs as sought for. "A. Pass an order to replace the interim resolution professional Mr. Pawan Kumar Singal with the proposed resolution professional Mr. Ayyagari Viswanadha Sarma (IBBI/IPA/001/IP-P01524/2018-19/12396) in accordance with the approved resolution of the CoC passed by more than 68.87% of the CoC members and forward his name to the IBBI for its confirmation pursuant to Section 22(3)(b) read with 22(4) of the IBC; and/or B. Pass any other order that this Hon'ble Tribunal may be pleased to pass in the facts of the present case" In support of the above reliefs, it is averred in the Application that one Mr. Pawan Kumar Singal who had been acting as an Interim Resolution Professional (IRP) of the Corporate Debtor hitherto is sought to be replaced with one Mr. Ayyagari Viswanadha Sarma having Reg. No. (IBBI/IPA/001/IP-P01524/2018-19/12396) who is proposed as the RP to carry forward the CIRP of the Corporate Debtor. 3. It is further averred in the Application that based on the action of the IRP, a meeting of the CoC was convened on 04.05.2021 being the 5th meeting of the CoC and that in the said meeting 68.87% of the members of the CoC have confirmed the appoi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ingal-Interim Resolution Professional (Registration No IBBI/IPA-001/IP-P01172/2018-2019/12229) in the matter of Corporate Insolvency Resolution Process of Piyush IT Solutions Private Limited; RESOLVED FURTHER THAT any financial creditor who is member of CoC be and is hereby authorised to file necessary application with Adjudication Authority for the appointment of aforesaid Resolution Professional." 7. It is also stated that 68.87% of the CoC voted in favour of the proposed RP. Hitherto the IRP who is sought to be replaced has been acting as the RP in view of Regulation 17(3) of IBBI Regulations as there has been a delay in the appointment of RP which had enabled the IRP to function as RP thereby enabling him to function as such, till an RP is appointed under Section 22 of IBC, 2016 and also in view of the fact that the RP had put the name of the proposed RP for confirmation as the RP only recently. Since the mandate as provided under Section 22 in relation to voting share has been duly complied with being 66% or more in terms of Section 22 of the IBC, 2016 the relief as sought for may it is submitted may be granted. 8. No reply seems to have been filed by R1, however, in relat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal in relation to the change of IRP to RP. 15. In the circumstances, we are unable to consider the objection of Punjab National Bank Housing Finance Ltd. in this regard and the same is brushed aside. On its part in relation to Dhankalash Distributors Pvt. Ltd., Ld. Senior Counsel Mr. Ganda appearing for the said Financial Creditor having a miniscule voting share of 0.31% contends that without disposing of the Applications filed by the said Financial Creditor, this Tribunal should not dispose of the present Application as in the said Applications the very constitution of the CoC having their voting share presently as disclosed by the IRP is sought to be challenged as the mode of computing the claim in relation to the Homebuyers as well as their proportionate voting share is being questioned. 16. It is also contended by the Ld. Senior Counsel appearing for the said Financial Creditor namely, Dhankalash Distributors Pvt. Ltd. that the Application as filed by the Applicant is also not maintainable taking into consideration the provisions of Section 22 of IBC, 2016 where under Section 22(3) it is the CoC as a collective which is required to file the Application and not by a member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scribed for such a change. 21. In relation to repeated assertion made by Senior Counsel Mr. Ganda that without disposing of the Application filed by Dhankalash Distributors Pvt. Ltd. in IA-2116/2021 and IA-2184/2021 challenging the constitution of the voting share percentage of the Homebuyers, which will have a significant impact on the voting share percentage of the other financial creditors as well and in relation to the 4th COC meeting convened, this Tribunal is of the view that the same can be effectively considered by the incoming RP in a manner as provided under the provisions of the IBC, 2016 r/w the attendant Regulations as required if at all which the Financial Creditor namely, Dhankalash Distributors Pvt. Ltd. has raised is in relation to the action of the IRP who is sought to be replaced and hence the pendency of the said applications cannot be used as a subterfuge to stifle the voting of the Home Buyers. 22. It is also required to be noted that the pendency of the said Applications cannot prevent this Tribunal in disposing of the instant Application seeking for replacement of IRP to RP as resolved by the members of the CoC having requisite voting share on the given da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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