Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (6) TMI 576 - Tri - Insolvency and BankruptcySeeking for forwarding the name of the proposed Resolution Professional (RP) to IBBI for its confirmation - Section 60(5) r/w Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016 (IBC, 2016) and Regulation 17(3) of the IBBI Regulations - HELD THAT:- This Tribunal takes a strong exception to the attitude of Punjab National Bank Housing Finance Ltd. on the one hand abstaining from attending the meeting altogether and/or also failing to exercise its voting share at least through e-voting, but however, raising objections before this Tribunal in relation to the change of IRP to RP. We are unable to consider the objection of Punjab National Bank Housing Finance Ltd. in this regard and the same is brushed aside. On its part in relation to Dhankalash Distributors Pvt. Ltd., Ld. Senior Counsel Mr. Ganda appearing for the said Financial Creditor having a miniscule voting share of 0.31% contends that without disposing of the Applications filed by the said Financial Creditor, this Tribunal should not dispose of the present Application as in the said Applications the very constitution of the CoC having their voting share presently as disclosed by the IRP is sought to be challenged as the mode of computing the claim in relation to the Homebuyers as well as their proportionate voting share is being questioned. Repeatedly the Hon'ble Supreme Court has held that the commercial decision taken by the CoC brooks no interference by this Adjudicating Authority. Be it in the case of approval of the resolution plan or in the case of liquidation of the Corporate Debtor - Similarly, it is also required to be noted as correctly pointed out by the Ld. Counsel for the Applicant that the Hon'ble NCLAT has held in numerous decisions as rendered by it and as cited before this Tribunal that replacement of IRP to RP either under Section 22 and in relation to also Section 27 of IBC, 2016 does not call for the interference of this Adjudicating Authority and further that no reason is also required to be ascribed for such a change. Keeping in mind the decision of the CoC being a commercial decision made by more than 66% of the Homebuyers constituting the CoC having their voting share on the given date, namely 04.05.2020, this Tribunal is required to perforce allow this Application. As a consequence of allowing this Application taking into consideration Section 22(4) of IBC, 2016 the name as recommended by the CoC for appointment of Resolution Professional (RP) being Mr. Ayyagari Viswanadha Sarma, is required to be forwarded to the IBBI for its confirmation - Application disposed off.
|