Case Laws
Acts
Notifications
Circulars
Classification
Forms
Manuals
Articles
News
D. Forum
Highlights
Notes
🚨 Important Update for Our Users
We are transitioning to our new and improved portal - www.taxtmi.com - for a better experience.
⚠️ This portal will be discontinued on 31-07-2025
If you encounter any issues or problems while using the new portal,
please
let us know via our feedback form
so we can address them promptly.
Home
2022 (11) TMI 647 - AT - Insolvency and BankruptcySeeking replacement of IRP - seeking replacement on the ground that the Interim Resolution Professional is working under the influence of the Suspended Board of Directors - bonafide intention or not - existence of nexus between Corporate Debtor and the Interim Resolution Professional - HELD THAT - The principle of an interpretation of the Statute is that when the language employed in the Relevant Section / towards a Proviso of Code / Act / Statute then it has to be read in a simple / plain and harmonious manner without causing any volatile harm to the language used therein and not in any other manner. The ingredients of Section 22 (3) of the Insolvency Bankruptcy Code 2016 very clearly confers power on the Committee of Creditors to replace the Interim Resolution Professional by preferring an Application before the Adjudicating Authority for the Appointment of the Proposed Resolution Professional (along with the Written Consent from the Proposed Resolution Professional in the Specified Form) - When the ingredients of Section 22 (3) (b) of the Code explicitly spells out for the Appointment of the proposed Resolution Professional then this Tribunal is of the considered opinion that the invocation of Rule 11 of the National Company Law Appellate Tribunal Rules 2016 cannot be pressed into service in the teeth of the I B Code 2016 showering Powers only on the Committee of Creditors to replace the Interim Resolution Professional. This Tribunal holds that the conclusion arrived at by the Adjudicating Authority (National Company Law Tribunal Bengaluru Bench Bengaluru) observing that the said Interlocutory Application is not maintainable for the Replacement of the Interim Resolution Professional is free from any Legal Flaw - Appeal dismissed.
|