TMI Blog2021 (11) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... nner 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 approach ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... however, as per the applicant, sus-pended management has failed to bring any material to substantiate such allegation. In this regard, it is also claimed that proposed resolution professional has also given affidavit declaring on oath that he is an independent person and there is no conflict of interest in any manner whatsoever, as alleged by the suspended management of the corporate debtor. 4. In addition to this, it is also claimed that after admission of corporate debtor into CIRP, such suspended management have no power or Authority to raise such objections. The applicant has also placed reliance on the decision of the hon'ble Supreme Court in the case of Karad Urban Co- operative Bank Ltd. v. Swwapnil Bhingardevay [2020] 12 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r reasons for the change. For this proposition they have relied on the following decisions : Sl. No. Particulars Relevant paragraph Nos. 1. Bank of India v. Nithin Nutritions P. Ltd. reported in [2020] 118 taxmann.com 343 (NCLAT). 9 2. Axis Bank Ltd. v. Sixth Dimension Project Solution Ltd. (judgment dated August 16, 2019 passed by the hon ble National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 356 of 2019). 3 and 5 3. Punjab National Bank v. Kiran Shah, IRP of ORG Informatics Ltd. (jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... people need not to be replaced or thrown out only for the reason they were working with the corporate debtor before initiation of CIRP as their efforts and expertise helps in maintaining the status of the corporate debtor as a going concern under the control and supervision of IRP. As regard to the decision of the hon'ble National Company Law Appellate Tribunal relied on by the applicant it is submitted that on facts said judgments are not applicable. The IRP has also attached the copy of various meetings of the CoC to show that CIRP is conducted as per rules and regulations of the IBC, 2016. Learned counsel further placed reliance on the order of this Bench in the case of Sampati Securities Ltd. v. Torque Automotive P. Ltd. [2021] 16 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as reported in [2020] 11 Comp Cas-OL 15 (SC) ; [2020] 162 SCL 504 (SC) wherein, the hon'ble Supreme Court held that the insolvency professional may not be disentitled to become RP of the corporate debtor merely because such IP was in service of the financial creditor and was also getting pension there from. Thus, if the proposed resolution professional was having some professional engagement earlier, the same cannot be the correct basis to challenge his appointment as RP. 9. We have considered the submissions made by both the sides have also perused the material on record. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the objects of the IBC, 2016 is to complete CIRP in the time bound manner which would get defeated. Thus, we hold that the CoC should reconsider its decision and evaluate the performance of IRP dispassionately. In case it is found that the present IRP can complete the CIRP in professional manner to the satisfaction of the CoC then the present IRP may be allowed to continue. However, 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. 10. In view of our decision in I. A. Nos. 424 and 392 of 2021 has become infructuous. Even otherwise this IA is not m ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
