TaxTMI 
TaxTMI 
2019 (11) TMI 1474
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.... CoC with 100% voting share praying the following: a. Allow the present application and appoint Mr. Ashok Kumar Juneja as the Resolution. Further in the interest of justice and fair investigation to not to replace the present IRP. b. Pass further orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case. 2. An application has also been filed on behalf of the Operational Creditor under Rule 11 of the NCLT, Rules by which he opposed the prayer of the HDFC Bank to replace the IRP. 3. Heard both the parties and perused the averments made in the Petitions. Learned Counsel appearing on behalf of the HDFC Bank submitted that COC vide its meeting dated 21st September, 2019 disapproved....
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....as RP. 6. In the light of submissions made on behalf of the parties, we would like to consider Section 22(2) under which the HDFC Bank has filed the present application for replacement of IRP, Mr. Mohd. Nazim Khan by Mr. Ashok Kumar Juneja as RP as well as Rule 11 of NCLT, Rules and same is quoted below:- Section 22(2) IBC, 2016: "The committee of creditors, may, in the first meeting, by a majority vote of not less than [sixty six] percent of the voting share of the financial creditors, either resolve to appoint the interim resolution professional as a resolution professional or to replace the interim resolution professional by another resolution professional". Rule 11 of NCLT Rules, 2016: "11. Inherent Powers- No....
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..... Then, the Chairman asked for the copy of consent of Mr. Ashok Kumar Juneja from the HDFC Bank, which said that the consent will be provided by end of the day. The CoC members considered the matter and then dissented the following resolution: "Resolved that pursuant to Section 22(2) of Insolvency and Bankruptcy Code, 2016, appointment of Mohd. Nazim Khan, having IBBI Registration No. IBBI/IPA-002/IP-N00076/2017-18/10207, Interim Resolution Professional as Resolution Professional be and is hereby approved by the members of Committee of Creditors of International Trenching Private Limited (Under CIRP). Resolved further that Resolution Professional be and is hereby authorised to do all such acts, deeds a....
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....e the IRP has already functioned very well, therefore, it is not desirable to replace him by another Resolution Professional, is concerned, since his appointment has already been disapproved by the majority vote of not less than 66% of the voting share of the Financial Creditor, therefore, we are unable to accept the contention of the Operational Creditor that IRP should not be replaced by another Resolution Professional, rather, we are of the considered view that it is for the COC who is empowered to confirm the appointment or to replace the Resolution Professional under Section 22(2) of the IBC, 2016. 12. HDFC Bank has placed reliance on the following decisions: a) Punjab National Bank Vs. Kiran Shah Company Appeal (AT) (Insol....