The appeal was filed against the replacement of the Appellant, who was the Interim Resolution Professional (IRP), by Mr. Ankit Sinha, another Resolution Professional, by the Committee of Creditors (CoC) with a 100% vote share. The Appellant contended that the CoC was related to the Corporate Debtor and the decision to replace him was collusive.
Ranjeet Kumar Verma (Erstwhile IRP) filed an appeal against the decision of the Committee of Creditors of Straight Edge Contract Pvt. Ltd. to replace him with Mr. Ankit Sinha as the Resolution Professional. The Committee of Creditors voted with 100% share to replace the IRP. The Appellant argued that the Committee of Creditors was related to the Corporate Debtor and the decision was collusive. The court noted that the Committee of Creditors had the power to replace the IRP as per Section 22 of the Insolvency and Bankruptcy Code, 2016, and the Appellant had no vested legal interest to continue once the decision was made by the Committee of Creditors.
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The court dismissed the appeal against the…
The appeal was filed against the replacement of the Appellant, who was the Interim Resolution Professional (IRP), by Mr. Ankit Sinha, another Resolution Professional, by the Committee of Creditors (CoC) with a 100% vote share. The Appellant contended that the CoC was related to the Corporate Debtor and the decision to replace him was collusive.
Ranjeet Kumar Verma (Erstwhile IRP) filed an appeal against the decision of the Committee of Creditors of Straight Edge Contract Pvt. Ltd. to replace him with Mr. Ankit Sinha as the Resolution Professional. The Committee of Creditors voted with 100% share to replace the IRP. The Appellant argued that the Committee of Creditors was related to the Corporate Debtor and the decision was collusive. The court noted that the Committee of Creditors had the power to replace the IRP as per Section 22 of the Insolvency and Bankruptcy Code, 2016, and the Appellant had no vested legal interest to continue once the decision was made by the Committee of Creditors.
The court dismissed the appeal against the…