# In the matter of Alchemist Township India Ltd. (IB)-1082(PB)-2018

> NCLT judgment dated 2020-11-24. Citation: TCN-2020-NCLT-00219. The case pertains to an application moved by the Committee of Creditors (CoC) for the…

- **Court:** NCLT
- **Order date:** 24 Nov 2020
- **Citation:** TCN-2020-NCLT-00219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alchemist-township-india-ltd-ib-1082pb-2018-71d5b58e

## Summary

### Background

The case pertains to an application moved by the Committee of Creditors (CoC) for the appointment of Mr. Devendra Singh as the Resolution Professional, replacing Mr. Pramod Goel, the Interim Resolution Professional (IRP). The application is based on a proposal made by the CoC via a resolution dated October 23, 2020.

## Facts

The Committee of Creditors (CoC) initiated a proposal to replace the existing Interim Resolution Professional (IRP), Mr. Pramod Goel, with Mr. Devendra Singh as the Resolution Professional. This proposal was formalized through a resolution passed by the CoC on October 23, 2020. Mr. Devendra Singh holds Registration No. IBBI/IPA-002/IP-N00001/2016-17/10001. The CoC then moved an application before the National Company Law Tribunal (NCLT) seeking the appointment of Mr. Devendra Singh. The NCLT considered the application and the CoC's resolution.

## Issues and analysis

### Issue 1: Whether the application for the appointment of Mr. Devendra Singh as Resolution Professional in …

**Ratio:** The legal principle applied is the power of the NCLT to appoint a Resolution Professional

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**Reasoning:** The NCLT reasoned that the application was moved by the CoC, and the proposal was made by

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**Interpretation:** The interpretation involves the NCLT's authority to oversee and approve the

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**Application:** The NCLT applied the principle by considering the CoC's resolution and the

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## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** Kiran Mal…
- **Respondents:** Alchemist…

## Timeline

- **2020-10-23 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution proposing the appointment of Mr.…
- **2020-11-24 — Order Del…**: The NCLT delivered an order allowing the application and appointing Mr. Devendra Singh as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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