The appellant, Sree Metaliks Ltd, challenged an order dated January 30, 2017, passed by the National Company Law Tribunal (NCLT), Kolkata Bench, in Company Petition No.16/2017. The appellant did not object to the admission of the insolvency petition itself, but specifically objected to the appointment of the Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code 2016. The respondent, M/s Srei Equipment Finance Ltd, through its counsel, submitted that the current IRP would step down without prejudice to the respondent's rights and contentions. The respondent also agreed to provide another name for the IRP, who would function for the rest of the period, subject to the NCLT's orders. The Committee of Creditors will decide who the new IRP will be,

The appellant, Sree Metaliks Ltd, challenged an order dated January 30, 2017, passed by the National Company Law Tribunal (NCLT), Kolkata Bench, in Company Petition No.16/2017. The appellant did not object to the admission of the insolvency petition itself, but specifically objected to the appointment of the Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code 2016. The respondent, M/s Srei Equipment Finance Ltd, through its counsel, submitted that the current IRP would step down without prejudice to the respondent's rights and contentions. The respondent also agreed to provide another name for the IRP, who would function for the rest of the period, subject to the NCLT's orders. The Committee of Creditors will decide who the new IRP will be,