# In the matter of Mohit Arora vs. IFCI Ltd. & Anr.

> NCLAT judgment dated 2024-04-05. Citation: TCN-2024-NCLAT-00533. This is a Company Appeal (AT) (Insolvency) No. 151 of 2024 filed against the order dated…

- **Court:** NCLAT
- **Order date:** 5 Apr 2024
- **Citation:** TCN-2024-NCLAT-00533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mohit-arora-vs-ifci-ltd-anr-9e6ca8d9

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No. 151 of 2024 filed against the order dated 20.12.2023 passed by the Learned Adjudicating Authority in Section 95(1) of the Insolvency and Bankruptcy Code, 2016, in an application filed by IFCI Limited. The impugned order appointed a Resolution Professional. The appellant argues that PNB Housing Finance Ltd. had already filed an application under section 95, which was admitted on 11.10.2022, and a Resolution Professional had already been appointed. The Adjudicating Authority was adjourning earlier due to the pendency of the Section 95 application filed by PNB Housing Financial Ltd. However, by the impugned order dated 20.12.2023, another Resolution Professional was appointed.

## Facts

Mohit Arora filed an appeal against IFCI Ltd. & Anr. The appeal challenges an order dated 20.12.2023 passed by the Adjudicating Authority under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. IFCI Limited filed the application leading to the impugned order. The appellant contends that PNB Housing Finance Ltd. had already filed an application under section 95, admitted on 11.10.2022, and a Resolution Professional was already appointed. The Adjudicating Authority had previously adjourned matters due to the pending Section 95 application by PNB Housing Financial Ltd. However, the impugned order dated 20.12.2023 appointed another Resolution Professional. The respondent's counsel does not dispute that a Resolution Professional was already appointed vide order

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in appointing another Resolution Professional when …

**Ratio:** The principle is that once a Resolution Professional has been appointed for a specific

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**Reasoning:** The court reasoned that since a Resolution Professional had already been appointed by the

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**Interpretation:** This legal issue involves interpreting the provisions of the Insolvency and

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**Application:** In this case, the court applied the principle by finding that the appointment

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Mohit A…
- **Respondents:** IFCI…

## Timeline

- **2022-10-11 — Application A…**: PNB Housing Finance Ltd.'s…
- **2023-12-20 — Impugned…**: The Adjudicating Authority passed the impugned order appointing another Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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