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2017 (10) TMI 1065 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Insolvency Professional appointment - in the absence of clear majority of 75 percent of voting share whether one name of Insolvency Professional can be approved? - Held that:- Dead lock has to be removed by approving the name of Mr. Rajendra M. Ganatra, whose consent is placed on record. A Professional who is familiar with the nature of business and knowledge of handling the Resolution Process is to be selected that too based upon the recommendation of the highest percentage of the Creditors. The term “voting share” is duly defined in section 5(28) of The Code which says, “means the share of the voting rights of a single financial creditor in the committee of creditors which is based on the proportion of the financial debt owed to such financial creditor in relation to the financial debt owed by the corporate debtor”. A co-joint reading of section 5(28) and section 22(2) thus result into a meaningful solution which is workable and suitable for the insolvency process. As a result, in our opinion, a viable solution is to give the preference to the decision taken by the largest percentage in voting rights of the Financial Creditor(s). Resultantly, the Miscellaneous Application is allowed and appointment of Mr. Rajendra M. Ganatra as Insolvency Professional is hereby approved.
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