# In the matter of Katra Realtors Pvt. Ltd. vs.  Rajesh Ramnani, RP of Ansal Urban Condominiums Pvt. Ltd. & Anr.

> NCLAT judgment dated 2024-03-04. Citation: TCN-2024-NCLAT-00597. This is an appeal against the order dated 24.01.2024 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 4 Mar 2024
- **Citation:** TCN-2024-NCLAT-00597
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/katra-realtors-pvt-ltd-vs-rajesh-ramnani-rp-of-ansal-urban-condominiums-pvt-ltd-ca838203

## Summary

### Background

This is an appeal against the order dated 24.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-III, which rejected IA No.882 of 2023 filed by the Appellant for the replacement of the Resolution Professional. The Appellant is a minority shareholder with 8.785% shareholding in the Corporate Debtor. The Adjudicating Authority rejected the application relying on Section 27 of the IBC.

## Facts

Katra Realtors Pvt. Ltd. filed an appeal against the order dated 24.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-III, which rejected IA No.882 of 2023. The application sought the replacement of the Resolution Professional. Katra Realtors Pvt. Ltd. is a minority shareholder, holding 8.785% shareholding in the Corporate Debtor. The Adjudicating Authority rejected the application relying on Section 27 of the IBC. The Appellant alleged issues with the Resolution Professional's admission of claims. The Respondents argued that a group company of the Appellant had already filed an application questioning the transactions and admission of claims, and that the Appellant was attempting to obstruct the CIRP. The appellate tribunal

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the application filed by the Appellant for …

**Ratio:** The Adjudicating Authority has the jurisdiction to decide on the replacement of the

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**Reasoning:** The appellate tribunal found no error in the Adjudicating Authority's decision,

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**Interpretation:** The interpretation of Section 27 of the IBC suggests that while it enables the

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**Application:** In this case, the Adjudicating Authority's decision to reject the application

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Katra Realtors…
- **Respondents:** RAJESH RA…

## Timeline

- **2024-01-24 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-III, passed…
- **2024-03-04 — Hearing of th…**: Learned Counsel for the Appellant and Counsel…

## 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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