In the matter of Gigeo Construction Company Private Limited
- CitationC.P(IB)/1180 (MB)2022
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may, under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, replace an Interim Resolution Professional with another insolvency professional where the Committee of Creditors, at its first meeting, has resolved by the requisite vote to replace the Interim Resolution Professional and to appoint the proposed insolvency professional as Resolution Professional, and the proposed professional is a registered insolvency professional.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
1. Mr. Nausher Kohli a/w Mr. Jash Shah, Ld. Counsel for the Applicant present. 2. This I.A. 3792/2024 has been filed u/s 22(3)(b) of the Code by Omkara Assets Reconstruction Private Limited being the sole member of CoC seeking replacement of Respondent IRP with Mr. Pankaj Bhattad as the Resolution Professional of the Corporate Debtor. 3. Ld. Counsel for the Applicant submits that pursuant to public announcement, the CoC has been constituted and in the first meeting held on 01.07.2024, the Applicant herein being the sole member of CoC passed a resolution with 100% vote resolved to replace Mr. Ritesh R Mahajan,
IRP and appoint Mr. Pankaj Bhattad as the Resolution Professional of the Corporate Debtor. 4. Heard the submissions made by the learned counsel for the Applicant and perused the records. 5. We note that the 100% Committee of Creditors have voted in favour to appoint Mr. Pankaj Bhattad, having registration No. IBBI/IPA-001/IP-P- 02841/2023-24/14362 as Resolution Professional, therefore, we are of the considered view to replace the Interim Resolution Professional and appoint Mr. Pankaj Bhattad, having registration No. IBBI/IPA-001/IP-P- 02841/2023-24/14362 as the Resolution Professional of the Corporate Debtor. 6. The IRP is directed to handover all the documents/information/records as available with them to the incoming RP within two days from the date of communication of this order. The incoming RP shall ensure that the dues of the outgoing IRP are taken note of and paid as and when funds are available. 7. Accordingly, in view of above, the I.A. 3792/2024 is allowed and disposed of.
Sd/- Sd/- PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT MEMBER (TECHNICAL) MEMBER (JUDICIAL) /NP/
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free