TMI Blog2019 (9) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of the Corporate Debtor. Hence, the appointed RP should be the one in active confidence of the CoC - All the contentions and objections to this application, made by the Operational Creditors and the erstwhile IRP Mr. Mahendra Khandelwal, have been answered by the Applicant. Application allowed. - MA 3173/2019, MA 3008/2019 & MA 3013/2019 in CP No. 02/2018 - - - Dated:- 25-9-2019 - Hon ble M.K. Shrawat, Member (Judicial) And Hon ble Chandra Bhan Singh, Member (Technical) Sr. Counsel Mr. Ravi Kadam, Mr. Madhav Kanoria, Ms. Saloni Kapadia, Mr. Anush Mathkar, Ms. Naveena Varghese, Mr. Aarant Sarangi i/b Cyril Amarchand Mangaldas, Mr. Karan M. Bhide, Mr. S.V. Kamdar a/w Advocate Ashish Paswani, Krutika, Rajani Associates, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... having registration No. IBBI/IPA-001/IP/P00033/2016-17/10086, who was Resolution Professional for 3 of the Videocon Companies to act as an IRP/RP for all the Consolidated Corporate Debtors. 4. Mr. Mahendra Khandelwal, the RP for the Consolidated Corporate Debtors constituted the COC and held the First Meeting of the COC on 16.09.2019. In the First Meeting of the COC held on 16.09.2019 the COC by a majority of 93.52% of the voted to appoint Mr. Abhijit Guhathakurta as the RP of the Consolidated Corporate Debtors. SUBMISSIONS MADE BY LD. COUNSELS APPEARING ON BEHALF OF MR. MAHENDRA KHADELWAL (RP), VIL VENDORS ASSOCIATION, AURANGABAD IN MA 3013 OF 2019 NAGAR ZILLA MAJDOOR SENA ORS. IN MA 3008 OF 2019 OPPOSING THIS APPLICATION ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Learned Senior Counsels further contended that no reason has been given by the Applicant i.e. State Bank of India (acting on behalf of the COC) for a change in RP and therefore, the Bench may not consider the request for change in RP. (d) The Learned Senior Counsels also contended that if the request to appoint Mr. Abhijit Guhathakurta as RP is considered, then a situation of Conflict of Interest may arise. The Ld. Counsels argued that Mr. Abhijit Guhathakurta the proposed RP was ExChief General Manager of SBI and was handling the Asset Reconstruction Department of the Bank. They also mentioned that the proposed RP was an employee of Deloitte. Therefore, they argued that because of the earlier association of the proposed RP with the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f COC. If the proposed RP is not appointed, it would adversely affect the CIRP proceedings. Therefore, if the process is to be completed within the time lines granted, it is essential that the RP should be the one who has the confidence of COC to take the process further. 8. The Ld. Counsel further alluded this Bench to Section 22(1) of the I B Code which allows the COC to recommend the change of the RP at any time of the CIRP proceedings. Regarding this contention that no reasons have been given for removal of the present RP Mr. Mahendra Khandelwal, the Ld. Counsel of SBI mentioned that casting a negative aspersion on an RP would adversely impact his career as RP and may lead to inquiry and further action by IBBI which would not be in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mployee of any Organisation. The Ld. Counsel mentioned that as per IBBI (insolvency Professional) Regulations, 2016, a No Conflict of Interest Undertaking has been given by Mr. Abhijit Guhathakurta to COC. The Proposed RP has also given his consent to work as RP of Consolidated Corporate Debtors which is on record in the Application. He has also given his consent in Form-AA to act as RP to the COC, a copy of which has been annexed with the Application of State Bank of India. The Learned Counsel of State Bank of India has mentioned thorough its averments that the appointment of Mr. Abhijit Guhathakurta is in line with the Code of conduct prescribed in IBBI (Insolvency Professionals) Regulations, 2016, for RP. FINDINGS 10. On going th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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