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2021 (11) TMI 839 - Tri - Insolvency and BankruptcyCommittee of creditors is seeking replacement of IRP - conflict of interest - HELD THAT:- In the present case, in the first meeting of CoC, the CoC proposed to replace IRP and in the second meeting the applicant was authorized to file this application. The CIRP has started on April 6, 2021 and as per the contentions made on behalf of the existing IRP, IRP has conducted CIRP as well as run the affairs of the corporate debtor in a most professional manner even during pandemic situation prevailing all over the country. It is also claimed that the CoC has not controverted this factual position. It is also stated that around 170 days have already passed and much progress has been achieved for resolution of insolvency of the corporate debtor. There should be perfect cohesiveness between the two pillars of CIRP. It is also noted that in the present case IRP was proposed by the original financial creditor, i. e., Invesco Asset Management (India) P. Ltd., which is a large financial institution who had filed application under section 7, hence, prima facie professional competency, capacity and neutral approach of such IRP cannot be doubted. CIRP period timeline of 180 days is also approaching - if it is not found so then CoC may file an application for change of IRP based upon short comings in the overall performance of IRP so fair. In this view of the matter, we refrain ourselves from dealing other contentions made by both sides. Application dismissed.
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