# In the matter of Punjab National Bank. Vs. Kiran Shah, IRP of ORG Informatics Ltd. CA(AT)(Insolvency) No. 749-2019

> NCLAT judgment dated 2019-08-06. Citation: TCN-2019-NCLAT-00377. This appeal was filed by Punjab National Bank against an order dated 27th June 2019 passed by…

- **Court:** NCLAT
- **Order date:** 6 Aug 2019
- **Citation:** TCN-2019-NCLAT-00377
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/punjab-national-bank-vs-kiran-shah-irp-of-org-informatics-ltd-ca-a332353a

## Summary

### Background

This appeal was filed by Punjab National Bank against an order dated 27th June 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench. The application was filed under Section 22 of the Insolvency and Bankruptcy Code on 18.04.2019, seeking to replace the Interim Resolution Professional (IRP) with a proposed Resolution Professional (RP) by the Committee of Creditors (COC). The Adjudicating Authority had admitted CP(IB) No. 120 of 2017 on 27.11.2018. The COC sought to replace the IRP, but the Adjudicating Authority did not find sufficient grounds for the replacement.

## Facts

Punjab National Bank, the lead bank of the Committee of Creditors (COC), filed an appeal against an order dated June 27, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench. The appeal concerns an application filed under Section 22 of the Insolvency and Bankruptcy Code on April 18, 2019, seeking to replace the Interim Resolution Professional (IRP) with a proposed Resolution Professional (RP) by the COC. The Corporate Insolvency Resolution Process (CIRP) had been initiated, with CP(IB) No. 120 of 2017 being admitted on November 27, 2018. The COC's application to replace the IRP was filed after a lapse of five months, near the completion of the CIRP. The CIRP period of 180 days expired on May 17, 2019, without the COC taking steps

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in interfering with the decision of the Committee …

**Ratio:** The Committee of Creditors has the authority to decide on the replacement of the

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**Reasoning:** The court reasoned that the Committee of Creditors, having decided to remove the

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**Interpretation:** This interprets the powers of the COC in the CIRP process, emphasizing their

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**Application:** In this case, the COC had decided to replace the Resolution Professional with

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Punjab National…
- **Respondents:** ORG Informatics…; Kirah…
- **Advocates:** Natasha Dhruman…; Atul Sh…; +2 more

## Timeline

- **2017-11-27 — CP(IB) Adm…**: CP(IB) No. 120 of 2017…
- **2018-11-27 — Admission of…**: CP(IB) No. 120 of 2017…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22 — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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