In the matter of N S P Associates (India) Pvt. Ltd.
- CitationIB-1082-ND-2020
Ratio decidendi
The rule this decision rests on
The Committee of Creditors may, upon the suspension of the incumbent Resolution Professional by the Insolvency and Bankruptcy Board of India, replace him under Section 27 of the Insolvency and Bankruptcy Code, 2016 by proposing a new Resolution Professional, and the Adjudicating Authority may appoint the proposed person where the consent, certificate of registration and valid Authorisation for Assignment have been filed.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI COURT-VI Item No. 102 IB-1082/ND/2020 IN THE MATTER OF: Canara Bank ...PETITIONER Vs. M/s. NSP Associates (India) Pvt. Ltd. …RESPONDENT Section U/s 7 of IB Code, 2016 Order delivered on 11.03.2024 (Hearing through VC & Physical Mode) Coram: SHRI MAHENDRA KHANDELWAL, HON’BLE MEMBER (JUDICIAL) SHRI RAHUL BHATNAGAR, HON’BLE MEMBER (TECHNICAL) PRESENT: For the Petitioner/Financial Creditor :Adv. Gulafsha Kureshi and Adv. Abhishek Naik For the Erstwhile RP :CMA Kamal Deep Tyagi ORDER IA/1242/2024 This is an application filed by the Member of CoC under Section 27 of the IBC read with Rule 11 of NCLT Rules, 2016 seeking replacement of the Resolution Professional. Heard the Ld. Counsel on behalf of the Applicant. It was submitted that this Adjudicating Authority vide order dated 09.12.2022 appointed Mr. Sandeep Kumar Bhatt as a Resolution Professional, however vide order dated 01.11.2023 passed by the IBBI Mr. Sandeep Kumar Bhatt has been suspended for two years. In view of this, the Committee of Creditors in its meeting held on 07.02.2024, decided to replace Mr. Sandeep Kumar Bhatt with Mr. Rohit Sehgal having IBBI registration no. IBBI/IPA-001/IP- P00528/2017-2018/10953 as the new Resolution Professional. The consent from the said Resolution Professional and certificate of registration and valid AFA has been filed. Keeping in view, the facts and circumstances of the case, we appoint Mr. Rohit Sehgal details of whom are given above as the new Resolution Professional. The earlier Resolution Professional Mr. Sandeep (Vidya Sagar)
Kumar Bhatt is directed to hand over all the documents and material available to the newly appointed Resolution Professional. Ld. Counsel on behalf of the Applicant undertakes to make payment of any dues to the previous Resolution Professional if already not paid by the CoC. With these observations, present IA is disposed off.
Sd/- Sd/- (Rahul Bhatnagar) (Mahendra Khandelwal) Member (T) Member (J)
(Vidya Sagar)
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