# In the matter of Aakash Lifestyle Pvt. Ltd. IA(I.B.C)-3001(MB)2021 in C.P. (IB)-2306(MB)2019

> NCLT judgment dated 2022-01-03. Citation: TCN-2022-NCLT-04566. The case involves an application filed by the Operational Creditor seeking a substitution of…

- **Court:** NCLT
- **Order date:** 3 Jan 2022
- **Citation:** TCN-2022-NCLT-04566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aakash-lifestyle-pvt-ltd-iaibc-3001mb2021-in-cp-ib-2306mb2019-c2093c39

## Summary

### Background

The case involves an application filed by the Operational Creditor seeking a substitution of the appointment of the Interim Resolution Professional (IRP). The erstwhile IRP had intimated the IBBI on 05.12.2019 about surrendering his license due to his appointment as CFO in DHFL Company. An order of admission was passed on 14.11.2019. The Operational Creditor was undergoing Corporate Insolvency Resolution Process (CIRP) vide an order of admission on 31.08.2020, which was later set aside under section 12A of the Code on 22.07.2021.

## Facts

An application was filed by the Operational Creditor seeking a substitution of the IRP. The previously appointed IRP had informed IBBI on 05.12.2019 that he was surrendering his license because he was appointed as CFO in DHFL Company. The order of admission was passed on 14.11.2019. The Operational Creditor was undergoing CIRP vide an order of admission on 31.08.2020, but the CIRP was set aside under section 12A of the Code on 22.07.2021. The Operational Creditor did not take steps to reappoint the IRP or substitute him. An application was filed seeking the appointment of Mr. Jatin Mehra as IRP.

## Issues and analysis

### Issue 1: Whether the application for …

**Ratio:** The court has the power to appoint or substitute an IRP based on the circumstances and

…

**Reasoning:** The previous IRP surrendered his license, necessitating the appointment of a new IRP to

…

**Interpretation:** The court interprets the IBC to allow for the substitution of an IRP when the

…

**Application:** Given the previous IRP's surrender of his license, the court applied its power

…

## Parties

- **Judges:** ANURADHA SANJAY…; SUCHITRAKAN…
- **Appellants:** RISA INTERNATIONAL…
- **Respondents:** AAKASH LIFESTYLE…

## Timeline

- **2019-11-14 — Order of Ad…**: The order of admission…
- **2019-12-05 — IRP Surrender…**: The erstwhile IRP intimated the IBBI…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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