In the matter of Aanchal Ispat Ltd.

National Company Law Tribunal15 November 2023

CitationIA(IBC)-1867(KB)2023 in CP(IB)-1518(KB)2019

Ratio decidendi

The rule this decision rests on

The Adjudicating Authority may, on an application by the Committee of Creditors, replace an Interim Resolution Professional with a Resolution Professional nominated by the Committee at its meeting under section 22(2) and section 27, where the nominee has given written consent and an authorisation for assignment and holds a certificate of registration, and the Committee's resolution has been passed by a voting share of 100%.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

INTHENATIONAL COMPANY LAW TRIBUNAL KOLKATABENCH (Court-II) KOLKATA IA(IBC)/1867(KB)2023 in CP(IB)/1518(KB)2019 Under Section 22(3)(b) read with section 60(5) ofthe InsolvencyandBankruptcy Code, 2016 Inthematter of: Aldous CommoditiesPrivate Limited ….Operational Creditor Versus Aanchal Ispat Ltd. ....Corporate Debtor And Inthematter of: CommitteeofCreditors ofAanhal Ispat Ltd, represented byKarur Vysya Bank Ltd. …Applicant And Sriram Mittal,Interim ResolutionProfessional of Aanchal Ispat Ltd. …IRP/Respondent

Order reserved on:16/11/2023 Orderpronounced on:17/11/2023 Coram: Smt. Bidisha Banerjee : Member (Judicial) ShriArvind Devanathan : Member (Technical)

Appearances (through video conferencing): For CoC : Mr. Kanishk Kejriwal, Adv. Ms.Darshana Mazumder, Adv. For IRP : Mr. Mr. Siddhanth Makkar, Adv. Mr. Sriram Mittal, IRP in person

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1867(KB)2023 inCP(IB)/1518(KB)2019

OR DE R Per:Bidisha Banerjee, Member (Judicial) 1. ThisAdjudicating Authority convened through hybrid mode. 2. IA(IBC)/1867(KB)2023 is an application filed by the Committee of Creditors (“CoC”) of AanchalIspat Ltd., the Corporate Debtor, praying for appointment of Mr. Santanu Brahma an Insolvency Professional as Resolution Professional in place and stead of Mr. Sriram Mittal, Interim Resolution Professional. This application is supported by an affidavit1 duly affirmed by Mr. Samir Ghosh, Senior Manager, Asset Recovery Branch Kolkata, Karur Vysya Bank Limited, being the sole member of the Committee of Creditors, who has been duly authorised by the applicant Bank to make and affirm the present affidavit on its behalf. 3. This Adjudicating Authority vide order2 dated 12/09/2023 in CP(IB)/1304(KB)2011867, on a petition filed by Aldous Commodities Private Limited, Operational Creditor, had ordered initiation of CIRP against Aanchal Ispat Limited, Corporate Debtor, appointing Mr. Sriram Mittal as the Interim ResolutionProfessional (“IRP”). 4. The CoC at its 1st meeting held on 11/10/2023 with 100% voting share has passed the following resolution for appointment of Mr. Shantanu Brahma, an Insolvency Professional, as the Resolution Professional: “RESOLVED THAT Mr. Shantanu Brahma, an Insolvency Professional having registration no. IBBI/IPA-001/IP-P01482/2018-19/12251 be and is hereby appointed as the Resolution Professional in the matter of Corporate Insolvency Resolution Process of Aanchal Ispat Limited in accordancewithprovisions of section 27of theIBC-2016.” Acopy of theminutesof the1stCoCmeeting forms AnnexureB3. 5. Mr. Shantanu Brahma has given his consent4 dated 10/10/2023 along with AFA

1Atpages7to9oftheapplication 2 Annexure‘A’atpages10to24oftheapplication 3 Atpages25to50oftheapplication 4 Annexure‘C’atpages51to54oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1867(KB)2023 inCP(IB)/1518(KB)2019 and Certificate of Registration to act as the Resolution Professional of the Corporate Debtor. 6. We have heard the Ld. Counsel for the applicant/Committee of Creditors, perused the application and the documents attached therewith. We are satisfied that the prayer made in the IA should be allowed. Therefore, Mr. Shantanu Brahma, an Insolvency Professional, having registration no. IBBI/IPA-001/IP-P01482/2018- 2019/12251 is hereby appointed as Resolution Professional in replacement of Mr. Sriram Mittal, Interim Resolution Professional, who is directed to hand over all documents in his possession to the newly appointed Resolution Professional Mr. Shantanu Brahma, within seven days from today. The incoming Resolution Professional shall filefurther progress report in thematteraccordingly. 7. CoC is hereby directed to pay the IRP any outstanding CIRP cost and his fees, if any. 8. The Registry is hereby directed to send a copy of this order to the IBBI for information. 9. IA(IBC)/1867(KB)2023 shall stand disposed ofaccordingly. 10. The Registry is directed to send e-mail copies of the order forthwith to all the parties and theirLd.Counsel for information and fortaking necessary steps. 11. Certified Copy of this order may be issued, if applied for, upon compliance of all requisiteformalities.

ArvindDevanathan Bidisha Banerjee Member(Technical) Member (Judicial)

Signed onthis,the 17thday ofNovember, 2023.

hb.

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