Tribunal appoints new Insolvency Resolution Professional to ensure smooth Corporate Insolvency Resolution Process

The Tribunal allowed the application by Suraksha Asset Reconstruction Ltd. to appoint a new Insolvency Resolution Professional (IRP), Mr. Avinash Shukla, replacing the current IRP, Mr. Saurabh Kumar Tikmani, who cited personal reasons for stepping down. Consequently, Mr. Shukla was appointed as the new IRP, leading to the disposal of related Interim Applications. Another application by Mr. Tikmani seeking his replacement as IRP on behalf of the Corporate Debtor was deemed unnecessary due to Mr. Shukla's appointment. The Tribunal's decisions aimed to facilitate the smooth continuation of the Corporate Insolvency Resolution Process, with the main company petition scheduled for further proceedings.

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Issues:
1. Appointment of new Insolvency Resolution Professional (IRP)
2. Replacement of current IRP by the Corporate Debtor
3. Disposal of related Interim Applications

Appointment of new Insolvency Resolution Professional (IRP):
The Tribunal addressed an application filed by Suraksha Asset Reconstruction Ltd. seeking the appointment of a new IRP, Mr. Avinash Shukla, in place of the current IRP, Mr. Saurabh Kumar Tikmani. The Company Petition was previously admitted, and Mr. Tikmani expressed his inability to continue as the IRP due to personal reasons. The applicant approached Mr. Shukla, who consented to take up the role. Consequently, the Tribunal allowed the application and appointed Mr. Shukla as the new IRP, thereby disposing of the relevant Interim Application.

Replacement of current IRP by the Corporate Debtor:
Another application, filed by Mr. Tikmani, the current IRP, on behalf of the Corporate Debtor, sought his replacement as the Interim Resolution Professional for the Corporate Insolvency Resolution Process (CIRP). However, in light of the appointment of Mr. Shukla as the new IRP based on a previous order, this application was deemed infructuous and consequently disposed of by the Tribunal.

Disposal of related Interim Applications:
The Tribunal further disposed of an additional Interim Application, I.A. 2396/2021, in line with the decision made in I.A. 2292/2021 regarding the appointment of the new IRP. The disposal of these applications was necessary to streamline the proceedings and ensure the smooth continuation of the Corporate Insolvency Resolution Process. The main company petition was listed for further proceedings on 06.12.2021, indicating the progression of the case before the Tribunal.

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