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2021 (1) TMI 507 - Tri - Insolvency and BankruptcySeeking a direction to the Committee of Creditors represented by 100% voting power by Petitioner - M/s. Suryawanshi Garments LLP to appoint Resolution Professional replacing the IRP at the earliest or withdraw the application and pay the Professional charges for IRP - Rule 11 of the NCLT Rules, 2016 r/w Sec. 60(5)(c) of the I&B Code, 2016 - HELD THAT:- The CoC, comprised of only the Petitioner has not carried out its duties as required by the I&B Code, 2016. When the IRP's resignation has been accepted in the first CoC meeting, it was duty bound to replace the IRP by filing an application before this Adjudicating Authority for appointment of the RP, in terms of Section 22(3)(b) of the Code. This has not been done. The CIRP cannot move forward unless this step is taken, as all such duties as are listed in section 25 of the Code are required to be carried out by the RP. The CoC is directed to immediately, and not later than 30 days from the date of this Order, convene a meeting and pass a resolution for appointing a Resolution Professional, and file an application before this Adjudicating Authority for the appointment of the proposed RP in terms of section 22(3)(b) of the Code - All fees due and payable to the IRP, as agreed to in the CoC, shall be paid forthwith.
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