# In the matter of Mathioli N, RP of MQ Networks Private Limited vs. Reliance Asset Reconstruction Company Limited

> NCLAT judgment dated 2025-09-18. Citation: TCN-2025-NCLAT-00500. The case involves a Company Appeal concerning the replacement of the Resolution Professional…

- **Court:** NCLAT
- **Order date:** 18 Sept 2025
- **Citation:** TCN-2025-NCLAT-00500
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/mathioli-n-rp-of-mq-networks-private-limited-vs-reliance-asset-reconstruction-co-dadd743d

## Summary

### Background

The case involves a Company Appeal concerning the replacement of the Resolution Professional (RP) of MQ Networks Private Limited, a Corporate Debtor under the CIRP process. The Financial Creditor sought the RP's replacement due to alleged non-cooperative behavior. The NCLT directed the RP's replacement, which is challenged in this appeal.

## Facts

MQ Networks Private Limited is the Corporate Debtor under CIRP.

Mathioli N was appointed as the Resolution Professional for MQ Networks Private Limited.

The Financial Creditor, Reliance Asset Reconstruction Company Limited, sought the replacement of Mathioli N as RP.

The NCLT, Chennai Bench, ordered the replacement of Mathioli N as RP.

Mathioli N, as the Appellant, challenges the NCLT's order, arguing non-compliance with Section 27 of the I&B Code.

The Appellant claims that the agenda for his replacement was not properly placed before the CoC.

The Respondent alleges that the Appellant deliberately avoided placing the agenda for his replacement before the CoC.

The Financial Creditor filed an application under Section 60(5) of the I&B Code seeking the RP's replacement.

…

## Issues and analysis

### Issue 1: Whether the procedure followed for replacing the Resolution Professional complied with Section 27 …

**Ratio:** Section 27 of the I&B Code outlines the procedure for replacing a Resolution

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**Reasoning:** The Appellant argued that the provisions of Section 27 were not complied with, as the

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**Interpretation:** The Tribunal interpreted that the spirit of Section 27 should be upheld,

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**Application:** The Tribunal directed the Adjudicating Authority to formulate an agenda for the

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Mathio…
- **Respondents:** MQ Networks…; M/s Reliance…
- **Other parties:** Pathukasahasram…
- **Advocates:** R. Imayava…

## Timeline

- **2025-07-07 — Impugned Ord…**: Date of the impugned order passed by the NCLT, Chennai Bench in IA(IBC)/917/CHE/2025 as…
- **2025-04-22 — Email Commun…**: Date of the email communication from the Respondent praying for the replacement of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 27 — Replacement of resolution professional by…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-27)

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