# In the matter of Arrow Resources Limited CA No. 259-(PB)-2017 IN CP No. (IB)-152-(PB)-2017

> NCLT judgment dated 2017-09-07. Citation: TCN-2017-NCLT-00454. The case involves an application filed by the Financial Creditor, Macro Leafin Private Limited,…

- **Court:** NCLT
- **Order date:** 7 Sept 2017
- **Citation:** TCN-2017-NCLT-00454
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/arrow-resources-limited-ca-no-259-pb-2017-in-cp-no-ib-152-pb-2017-599c7d62

## Summary

### Background

The case involves an application filed by the Financial Creditor, Macro Leafin Private Limited, seeking a change of the Interim Resolution Professional (IRP) for the Corporate Debtor, Arrow Resources Limited. The Financial Creditor had initially filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Insolvency Resolution Process against Arrow Resources Ltd. The petition was admitted, and Mr. Ambarish Chatterjee was appointed as the IRP. However, the Financial Creditor later stated that Mr. Chatterjee's certificate of practice as an Insolvency Professional had expired during the pendency of the petition.

## Facts

Macro Leafin Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Arrow Resources Limited, the Corporate Debtor. The application was admitted on 07.08.2017, and Mr. Ambarish Chatterjee was appointed as the Interim Resolution Professional (IRP). Subsequently, it was discovered that Mr. Chatterjee's certificate of practice as an Insolvency Professional had expired on 16.06.2017, during the pendency of the petition. The Financial Creditor then filed an application seeking a change of IRP, proposing Mr. Neeraj Preet Singh Chawla as the new IRP. Mr. Chawla also submitted a written communication and an affidavit disclosing any potential conflicts of

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## Issues and analysis

### Issue 1: Whether the Tribunal can appoint a new Interim Resolution Professional (IRP) when the initially …

**Ratio:** The Adjudicating Authority has the power to appoint an Interim Resolution Professional

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**Reasoning:** The court reasoned that the expiration of the initially appointed IRP's certificate of

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**Interpretation:** This issue involves interpreting the provisions of the IBC regarding the

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**Application:** In this specific case, the initial IRP's certificate expired during the

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## Parties

- **Judges:** M. M. K…; DeepaKr…
- **Appellants:** Macro Leafin…
- **Respondents:** Arrow Resources…

## Timeline

- **2017-06-02 — Application…**: Financial Creditor filed an…
- **2017-07-08 — Petition Ad…**: The petition filed by the Financial…

## 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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