# In the matter of Sanjay Chandrakant Jagtap vs. lshwar Punjabi & Anr.

> NCLAT judgment dated 23 Dec 2024. Citation: TCN-2024-NCLAT-00003. The appellant filed an application seeking various reliefs, including authorization for Mr.…

- **Court:** NCLAT
- **Order date:** 23 Dec 2024
- **Citation:** TCN-2024-NCLAT-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sanjay-chandrakant-jagtap-vs-lshwar-punjabi-anr-dee39fae

## Summary

### Background

The appellant filed an application seeking various reliefs, including authorization for Mr. Sachin Kunjir to manage the corporate debtor's business and banking operations, immediate removal of Mr. Rattan Chaudhry as IRP, and a direction for the IRP to explain non-disclosure of an IBBI order.

## Facts

The appellant, Sanjay Chandrakant Jagtap, filed an application, I.A. No. 8910 of 2024, seeking several reliefs. These included authorization for Mr. Sachin Kunjir to manage the business and banking operations of the Corporate Debtor, citing exceptional circumstances. The appellant also requested the immediate removal of Mr. Rattan Chaudhry from his position as Interim Resolution Professional (IRP) for the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether an ex-employee or key managerial person of the corporate debtor can be permitted to operate…

**Ratio:** Permission cannot be granted to ex-employees or key managerial personnel to operate bank…

**Reasoning:** The Tribunal held that once CIRP has commenced and an IRP has been appointed, no…

**Interpretation:** The court interpreted the framework of CIRP to mean that the management and…

**Application:** Given that CIRP had commenced and an IRP was appointed, the appellant's request…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Advocates:** Sumit S…; Sanjeev…; +4 more

## Timeline

- **September 30, 2024 — OTS Letter O…**: The appellant obtained an One Time Settlement…
- **October 22, 2024 — IRP Suspe…**: The Interim Resolution…

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