TaxTMI 
TaxTMI 
2022 (11) TMI 647
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....er in IA No.259/2022 in CP(IB) No.12/BB/2021: - "This application has been filed under Section 60(5) of the IBC, 2016 read with regulation 3 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by Mr. Sunit Suri, who is the ex-director of the Corporate Debtor for the replacement of IRP. 2. Heard Mr. Chetan Tripathi, learned Counsel for the Applicant. 3.The learned IRP who was present in person submits that the instant I.A. is filed by the ex-director of the Corporate Debtor not with the approval of the CoC. Hence, the IRP prays to dismiss the instant I.A. 4. Therefore, we are of the view that the instant I.A. is not maintainable as for the replacement of IRP, it must be filed by CoC/RP." and found 'N....
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....'real grievance' of the Learned Counsel for the 'Appellant' is that in the instant Company Appeal (AT)(CH)(Ins) No.392/2022, the 'Appellant' has prayed for replacing the 'Interim Resolution Professional' Mr. Ahsan Ahmad, on the ground that the 'Interim Resolution Professional' Mr. Ahsan Ahmad, is working under the 'influence' of the 'Suspended Board of Directors' and further that, he does not have 'bonafide intention' and he is acting under the 'Directions' and in the interest of the 'Suspended Board of Directors' and towards their benefits, which vividly evident, as the 'Interim Resolution Professional' had allocated shares, in 'Committee of Creditors,' to the 'Entities' / 'Persons,' related to the 'Corporate Debtor'. 6. The other stand t....
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....ot be dismissed off-hand more so when an instance of deviation was pointed out which the Appellant, when confronted, admitted as a mistake. This factual position emanates from the impugned order. This is independent of any prejudice caused actually and factually as the bias has to be viewed from the perspective of the 'Corporate Debtor' on the mere basis of apprehension on account of past services rendered by the Appellant with the 'Financial Creditor'. In such circumstances, no exception can be taken to the powers of the Adjudicating Authority acting independent of the opinion of the 'Committee of Creditors' in this regard. This case is squarely covered by the judgment rendered by this Appellate Tribunal in 'State Bank of India vs. M/s. Me....
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....ndependent of the benevolence of the ex-employer i.e. the Appellant- 'Financial Creditor'. But it cannot be denied that the Appellant restricted its choice to propose Mr. Shailesh Verma as 'Interim Resolution Professional' obviously having regard to past loyalty and the long services rendered by the later. This conclusion is further reinforced by filing of instant appeal by the 'Financial Creditor' who is upset with the impugned order directing the Appellant- 'Financial Creditor' to substitute the name of 'Interim Resolution Professional' in place of Mr. Shailesh Verma. This has to be viewed in the context of apprehension of bias raised by the Respondent- 'Corporate Debtor' for the apprehension of bias necessarily rests on the perception of....
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....his statutory duties irrespective of the fact that he is not competent to admit or reject a claim." 8. On a careful 'perusal of the contents of the aforesaid 'Order' dated 18.08.2020 in Comp. App. (Ins) 687 of 2020, this 'Tribunal' is of the 'earnest opinion' that the same is 'inapplicable' to the 'Facts' of the 'present Case' and the same is 'distinguishable' on the 'available facts' and 'Materials on Record' in the instant Comp. App. (AT)(CH)(Ins) No.392/2022. 9. When this 'Tribunal' posed a query to the Learned Counsel for the 'Appellant', as to how the 'Appellant' / 'Suspended Board of Directors' can prefer the instant Comp. App. (AT)(CH)(Ins) No.392/2022, before this 'Tribunal' under Section 22 (3) of the 'Insolvency & Bankruptcy Cod....