# In the matter of Ranjeet Kumar Verma (Erstwhile IRP) Vs. Committee of Creditors of Straight Edge Contract Pvt. Ltd. CA (AT)(Ins) No. 1129 of 2020

> NCLAT judgment dated 2021-01-04. Citation: TCN-2021-NCLAT-00424. The appeal was filed against the replacement of the Appellant, who was the Interim Resolution…

- **Court:** NCLAT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLAT-00424
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ranjeet-kumar-verma-erstwhile-irp-vs-committee-of-creditors-of-straight-edge-con-5d166d46

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the Committee of Creditors had the power to …

**Ratio:** Section 22 of the Insolvency and Bankruptcy Code, 2016, grants the Committee of Creditors

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**Reasoning:** The court reasoned that the Committee of Creditors is vested with the powers to resolve

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**Interpretation:** The interpretation of Section 22 of the I&B Code is that the CoC has the

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**Application:** The court applied the ratio to the fact that the Committee of Creditors had

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## Parties

- **Judges:** Bansi Lal…; Anant Bijay…; +1 more
- **Appellants:** Ranjeet Kumar…
- **Respondents:** Straight Edge…; Committee of…
- **Advocates:** Shailendra…; Abhishek…; +2 more

## Timeline

- **2021-04-01 — Order Da…**: The court dismissed the appeal against the replacement of the Interim Resolution…

## 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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