# In the matter of Bank of India Vs. Ms. Nithin Nutritions Pvt. Ltd. CA(AT)(Ins)No. 497-501of 2020

> NCLAT judgment dated 2020-06-03. Citation: TCN-2020-NCLAT-00244. These five appeals arise from separate proceedings against the Respondents, who are the…

- **Court:** NCLAT
- **Order date:** 3 Jun 2020
- **Citation:** TCN-2020-NCLAT-00244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bank-of-india-vs-ms-nithin-nutritions-pvt-ltd-ca-5a49319b

## Summary

### Background

These five appeals arise from separate proceedings against the Respondents, who are the Corporate Debtors. The Appellant is common to all five proceedings. The Appellant filed applications under Section 22 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to replace the Interim Resolution Professional (IRP), Pavan Kankani. The Committee of Creditors (COC), consisting of the Appellant Bank with 100% voting share, resolved in its third meeting on 08.02.2020 to replace the IRP with Mr. B. Naga Bhushan as the Resolution Professional (RP). The insolvency proceedings were initiated under Section 10 of IBC, and Pavan Kankani was initially appointed at the instance of the Corporate Debtor. The COC changed the IRP to appoint Mr. B. Naga Bhushan as RP. The Appellants

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## Facts

Five separate Company Appeals (AT) (Ins) Nos. 497, 498, 499, 500 and 501 of 2020 were filed arising out of orders dated 20.02.2020 passed by the National Company Law Tribunal, Amaravati Bench. The Appellant, Bank of India, is common in all five appeals. The Respondents are various Corporate Debtors, including Nithin Nutritions Pvt. Ltd., Nithin Proteins Pvt. Ltd., Ramanasri Logistics Pvt. Ltd., Ramanasri Consumer Products Pvt. Ltd., and Nithin Grains and Mills Pvt. Ltd. The Committee of Creditors (COC), with Bank of India as the sole member holding 100% voting rights, resolved in its third meeting dated 08.02.2020 to replace the Interim Resolution Professional (IRP), Pavan Kankani, with Mr. B. Naga Bhushan as the Resolution Professional (RP). The Adjudicating Authority

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in holding that the Committee of Creditors (COC) cannot …

**Ratio:** The COC has the power to propose a change of the Interim Resolution Professional even in

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**Reasoning:** The Tribunal considered the provisions of Section 22 and Section 27 of the IBC, which do

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**Interpretation:** The interpretation of Section 22(2) of the IBC is that it allows the COC to

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**Application:** The Tribunal applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** A.I.S. C…; Alok Sriv…
- **Appellants:** Bank of…
- **Respondents:** M/s. Nithin…

## Timeline

- **2020-02-20 — Order by NCLT…**: Orders passed by National Company Law Tribunal, Amaravati Bench, which are impugned in…
- **2020-02-08 — COC Meet…**: Third meeting of the Committee of Creditors (COC) where a resolution was passed to…

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