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2020 (5) TMI 725 - Tri - Insolvency and BankruptcyReplacement of the Resolution Professional - whether this application without supporting any resolution for removal/replacement of the RP is maintainable u/s 22(2) or 27(2) of the Code? - HELD THAT:- Admittedly the applicant had never moved any resolution in the CoC as per section 22(2) or u/s 27(2) of the Code, and therefore, there was no resolution being adopted for such replacement. It appears that in the said circumstance this Adjudicating Authority could not entertain an application of this nature. It is significant to note that this application was heard by the Bench No 2 and Ld. Bench vide its interim order dated 12/03/2020 observed that "we require more than 66% of CoC members for changing the Resolution Professional" and for want of proof of passing a resolution for replacement of the RP the Bench has not granted the relief asked for and adjourned the application for hearing the RP and listed on 13.04.2020. Since there was no regular court sitting due to disruption of judicial work due to COVID-19 pandemic, this application was not taken up for hearing on 13.04.2020 and taken up on today at the request of the applicant. Admittedly the CoC was reconstituted. After reconstitution, the applicant holds only 25.07% voting share while the other financial creditor is holding 74.93% voting share. Whether the reconstitution is proper or legal is not at all to be determined in this application. If the applicant is disputing the integrity of the RP, it can approach IBBI. It can also moves resolution before the CoC for replacement of the RP at any time during the CIRP, and can file appropriate application for removal if the applicant succeeds in getting required vote share for his removal. This application being found not maintainable for want of passing a resolution by the CoC for the replacement of the RP, is liable to be dismissed, with a liberty to move fresh application if applied for in accordance with the provisions of the Code and Regulations. Application dismissed.
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