# In the matter of Friends Agencies Vs. BIW Fabricators Pvt. Ltd. CA(AT)(Insolvency) No. 856-2019

> NCLAT judgment dated 2019-08-26. Citation: TCN-2019-NCLAT-00340. The appeal was preferred by Mr. Pankaj Khetan, the Interim Resolution Professional (IRP),…

- **Court:** NCLAT
- **Order date:** 26 Aug 2019
- **Citation:** TCN-2019-NCLAT-00340
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/friends-agencies-vs-biw-fabricators-pvt-ltd-ca-35c06fe1

## Summary

### Background

The appeal was preferred by Mr. Pankaj Khetan, the Interim Resolution Professional (IRP), against the order of his removal dated 23.07.2019 passed by the Adjudicating Authority (National Company Law Tribunal) Cuttack Bench, Cuttack. The Adjudicating Authority's order was based on a decision by the Committee of Creditors (CoC) in its meeting dated 12.04.2019 to replace the IRP with Mr. Bankim Shukla, which was approved with 100% voting shares.

## Facts

Mr. Pankaj Khetan, the Interim Resolution Professional (IRP), filed an appeal against the order dated 23.07.2019 passed by the Adjudicating Authority (National Company Law Tribunal) Cuttack Bench, Cuttack, which removed him as the IRP. The removal was based on the decision of the Committee of Creditors (CoC) in its meeting dated 12.04.2019, where they decided to replace the IRP with Mr. Bankim Shukla, with 100% voting shares. The appellant argued that the CoC did not comply with Section 27 of the Insolvency and Bankruptcy Code, 2016. The NCLAT observed that the removal was based on 100% voting by the CoC and dismissed the appeal.

## Issues and analysis

### Issue 1: Whether the removal of the Interim Resolution Professional (IRP) by the Adjudicating Authority …

**Ratio:** The decision of the Committee of Creditors (CoC) holds significant weight in the

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**Reasoning:** The court observed that the removal of the Interim Resolution Professional (IRP) was made

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code, 2016, gives

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**Application:** In this case, the 100% voting by the CoC to replace the IRP was considered a

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Friends Ag…
- **Respondents:** M/s BIW Fabricator…
- **Advocates:** Manish Pa…; Ashutosh K.…; +1 more

## Timeline

- **2019-04-12 — CoC Meet…**: The Committee of Creditors (CoC) decided to replace the Interim Resolution Professional…
- **2019-07-23 — Adjudicating Authority…**: The Adjudicating Authority (National Company Law Tribunal) Cuttack Bench, Cuttack, passed…

## 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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