# In the matter of Sree Metaliks Ltd. Vs Srei Equipment Finance Ltd. CA (AT) No. 3-2017

> NCLAT judgment dated 2017-02-21. Citation: TCN-2017-NCLAT-00185. The case involves an appeal against an order passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 21 Feb 2017
- **Citation:** TCN-2017-NCLAT-00185
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sree-metaliks-ltd-vs-srei-equipment-finance-ltd-ca-598249de

## Summary

### Background

The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Kolkata Bench, regarding a Company Petition No.16/2017. The appellant challenged the order dated January 30, 2017. The appellant does not object to the admission of the Insolvency Petition but objects to the appointment of the Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code 2016.

## Facts

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,

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## Issues and analysis

### Issue 1: Whether the appointment of the Interim Resolution Professional (IRP) was valid under the Insolvency …

**Ratio:** The ratio is based on the principles of natural justice and the right to a fair hearing.

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**Reasoning:** The court considered the appellant's objection to the IRP's appointment. The respondent's

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**Interpretation:** The Insolvency and Bankruptcy Code 2016 requires a fair and transparent process

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**Application:** In this case, the appellant's objection to the IRP's appointment was addressed

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## Parties

- **Judges:** S.J. Mukhop…; Balvinder…
- **Appellants:** Sree Metali…
- **Respondents:** M/s.SREI Equipment…

## Timeline

- **2017-01-30 — NCLT Ord…**: The National Company Law Tribunal, Kolkata Bench, passed an order in Company Petition…
- **2017-02-21 — Appeal F…**: The appellant, Sree Metaliks Ltd, challenged the order dated January 30, 2017, passed by…

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