Mr Satya Narayan Jhunjhunwala vs State Bank Of India

IN THE MATTER OF: Satya Narayan Jhunjhunwala ...Appellant Versus State Bank of India ...Respondent

Present: For Appellant : Mr. Mohit Chaudhary, Mr. Prakhar Mithal and Mr. Raghav Dikshit, Advocates.

For Respondent :

ORDER

(Hybrid Mode)

24.10.2024 : Heard Counsel for the Appellant.

2. This Appeal has been filed against an Order passed by the Learned

Adjudicating Authority (National Company Law Tribunal, Allahabad Bench,

Prayagraj) by which Order, Adjudicating Authority under Section 95

Application has appointed the Resolution Professional (RP).

3. Counsel for the Appellant challenging the Order contends that RP who

was initially nominated by the Creditor was not available and demitted the

Office and subsequently another RP was recommended by the Creditor

whereas one Application was also filed by the Personal Guarantor, the

Appellant for appointment of the RP. Adjudicating Authority rejected the

Application filed by the Personal Guarantor and allowed the Application filed

by the Creditor.

4. Counsel for the Appellant submits that the Adjudicating Authority has

not correctly exercised the power for appointment of RP under Section 95 of

the Insolvency and Bankruptcy Code, 2016.

5. Adjudicating Authority with regard to the RP now appointed, has made

observations in Paragraph 24 II as follows:

"24. Accordingly, we pass the following order: -

II. The Applicant/Creditor has proposed the name of Mr. Pratap Mukherjee, Insolvency Professional in the present application to be appointed Resolution Professional as replacement of Mr. Alok Kumar Bose who was earlier appointed RP vide order dt. 19.01.2021 passed in respect of CP (IB) 57/ALD/2021, and as per the authorization of assignment issued by Indian Institute of insolvency Professionals of ICAI, the AFA of the proposed RP is valid till 20.10.2024. Further, upon verification of the said RP from the website of IBBI, carried out by Law Research Associate of this Tribunal, Aditi Kharbanda, it is found that there is no proceeding pending against the RP and the RP holds valid authorization till 20.10.2024. Therefore, this Adjudicating Authority appoints Mr. Pratap Mukherjee, IBBI Registration No. IBBI/IPA001/IP-P02515/2021-22/13851, email:

pratapmukherjee62@gmail.com. Address: 27/A, Bhattacharjee Para Road, Paschim Barisha, P.O. Thakurpukur, Kolkata, West Bengal, 700063 is hereby appointed as Resolution Professional in place of Mr. Alok Kumar Bose in exercise of the power conferred under section 97(5) of the IBC, 2016 on this Authority. The Resolution Professional is directed to file declaration within seven days from the date of receiving of this Order to the effect that he fulfils all the requirements for being appointed as Resolution Professional in the matter."

6. The submission of the Appellant that the Adjudicating Authority ought

to have forwarded the name for nomination by IBBI Board does not commend

us. The Rules which have been framed to give effect to the provisions

empowers the Adjudicating Authority to select the name from the list of IBBI

against whom no disciplinary proceedings are pending.

Comp. App. (AT) (Ins.) No. 1917 of 2024 2 of 3

7. We do not find any substantial error in the Order warranting any

interference in exercise of Appellate jurisdiction.

The Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) himanshu/nn

Comp. App. (AT) (Ins.) No. 1917 of 2024 3 of 3