In the matter of Laxmi Engineering Industries (Bhopal) Pvt. Ltd.
- CitationIA-241(MP)2023 in C.P.(IB)-8(MP)2022
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may, on an application under Rule 11 of the NCLT Rules, 2016, replace an Interim Resolution Professional whose appointment was made when he did not hold a valid authorisation (AFA) to act as an IRP, by appointing in his place a professional who holds a valid registration, where the financial creditor has proposed that professional.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH COURT NO. 1 ITEM No.1 IA/241(MP)2023 in C.P.(IB)/8(MP)2022 Proceedings under Rule 11 of NCLT Rules, 2016 IN THE MATTER OF: Canara Bank ........Applicant Order delivered on 18/08/2023 Coram: Mahendra Khandelwal, Hon’ble Member(J) Kaushalendra Kumar Singh, Hon’ble Member(T) PRESENT: For the Applicant : Ld. Adv. Mr. Abhishek Devgan (Online) For the Respondent/CD : Ld. Adv. Mr. Bhuwan Gautam (Physical) a.w. Ld. Adv. Mr. Rushil Shukla (Physical) ORDER IA/241(MP)2023 This is an application filed by the Financial Creditor under Rule 11 of the NCLT Rules, 2016 seeking replacement of the IRP on the ground that the IRP, who was earlier appointed, is not having a valid AFA at this stage. We have heard the learned counsel for the Applicant. It is noticed that vide order dated 28.07.2023, the CIRP was admitted against the Corporate Debtor and Mr. Vichitra Narayan Pathak, having IBBI Registration No. IBBI/IPA-001/IP-P01353//2018-2019/12063, was appointed as an IRP. However, it is noticed that the valid authorization for working as an IRP was not in existence at the time of passing of that order. In view of this, the Financial Creditor has now proposed the name of Ms. Teena Saraswat Pandey, having IBBI Registration No. IBBI/IPA-001/IP-P00652/2017- 2018/11126, to act as an IRP for the Corporate Debtor viz., Laxmi Engineering Industries (Bhopal) Pvt Ltd. In view of these facts and circumstances of the case, we allow the application and appoint Ms. Teena Saraswat Pandey, having IBBI Registration No. IBBI/IPA-001/IP- P00652/2017-2018/11126 to act as an IRP for the Corporate Debtor in place of earlier IRP, namely, Mr. Vichitra Narayan Pathak, having IBBI Registration No. IBBI/IPA- 001/IP-P01353//2018-2019/12063. With these observations, IA/241(MP)2023 stands allowed and disposed of. The Registry is directed to provide a copy of this order to the newly appointed IRP, earlier IRP and the Corporate Debtor as well. Sd/- Sd/- KAUSHALENDRA KUMAR SINGH MAHENDRA KHANDELWAL MEMBER (TECHNICAL) MEMBER (JUDICIAL) A. Bhadauria
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