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TMI Blog2019 (9) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... ember (Technical) ORDER 1. The present Application is filed by State Bank of India on behalf of Committee of Creditors of Videocon for the replacement of Mr. Mahendra Khandelwal with Mr. Abhijit Guhathakurta having IBBI Registration No. IBBI/IPA-003/IP/N000103/201718/11158. Mr. Mahendra Khandelwal had been appointed as IRP/RP for the 'Consolidated Corporate Debtors' pursuant to the Order dated 08.08.2019 passed by this Bench in MA-1306/2019. 2. Earlier, an MA-1306/2019 was filed by State Bank of India on behalf of 15 Companies belonging to Videocon Group for consolidation of CIRP of the said companies. Out of the 15 Companies, the CIRP of only 13 Companies (hereinafter referred to as "Consolidated Corporate Debtors") was consolidated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent RP Mr. Khandelwal who is proposed to be replaced by the new RP Mr. Abhijit Guhathakurta as well as the Learned Counsel Mr. Pradeep Sancheti appearing for the Operational Creditor VIL Vendors Association, Aurangabad, argued against the change of RP. The opposition Learned Senior Counsels Mr. Pradeep Sancheti and Mr. S.V. Kamdar argued largely on 4 counts:- (a) That Mr. Khandelwal has been appointed by the Bench and not under Sections 22 or 27 of the I&B Code and therefore, it is not within the powers of COC to recommend the change. The change, if at all, can be made at only by the Bench but not on the recommendation of the CoC. (b) The Learned Counsels further argued that there has already been a delay in conducting the CIRP Proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned Counsels further stated that the copies of MA Nos. 3173/2019 was not given to them regarding change of RP pursuant to the decision of COC. SUBMISSIONS MADE BY SBI ON BEHALF OF COC 6. The Learned Senior Counsel Mr. Ravi Kadam appearing on behalf of State Bank of India drew the attention of this Bench to the fact that Insolvency is a Creditors Driven Process and therefore, it would be fallacious to come to the conclusion that the COC does not have power to change the RP. The Ld. Counsel mentioned that as per section 22(3)(b) of the I&B Code, the CoC can replace the Interim resolution professional by filing an application before the Adjudicating Authority and the Adjudicating authority will forward such application to IBBI for confirma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant drew the attention in this regard to the Order dated 16.07.2018 passed by the Hon'ble NCLAT in State Bank of India V/s Ram Dev International Limited {Company Appeal (AT) (Insolvency) No. 302 of 2018}. It was held that: "14. Though such submission seems to be attractive, we are of the view, it is not desirable for a Committee of Creditors to record its opinion in view of the following reasons: (i) If the Committee of Creditors record any adverse opinion for replacement of Resolution Professional, it will not only harm him for the present but will also affect him in future during appointment as Resolution Professional in another proceeding. In such case, the Committee of Creditor will have to refer the matter to IBBI for initiat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the view that the power of CoC, to replace the IRP with RP in the first CoC meeting as prescribed under section 22 of the I&B Code or the power to replace the RP at any time during the CIRP proceedings as prescribed under section 27 of the I&B Code, cannot be interfered with. In light of the decision of Hon'ble NCLAT in the above said order (supra), the CoC even need not give the reasons for the replacement of IRP/RP. 11. In the insolvency resolution mechanism, the RP acts as a bridge between the CoC and the prospective investors and other stakeholders of the Corporate Debtor. Hence, the appointed RP should be the one in active confidence of the CoC. 12. All the contentions and objections to this application, made by the Operational C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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