# In the matter of Arun Shelters Pvt. Ltd. I.A. No. 155-2020 in C.P. (IB)No. 305-BB-2019

> NCLT judgment dated 2020-06-15. Citation: TCN-2020-NCLT-01172. The case pertains to an application for Corporate Insolvency Resolution Process (CIRP) filed by…

- **Court:** NCLT
- **Order date:** 15 Jun 2020
- **Citation:** TCN-2020-NCLT-01172
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/arun-shelters-pvt-ltd-ia-no-155-2020-in-cp-ibno-305-bb-2019-c2fa8bf8

## Summary

### Background

The case pertains to an application for Corporate Insolvency Resolution Process (CIRP) filed by M/s. Kotak Mahindra Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the application on 2020-01-31, appointing Mr. Pankaj Srivastava as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) resolved on 2020-03-02 to appoint Mr. Pankaj Srivastava as the Resolution Professional (RP) of the Corporate Debtor. Mr. Srivastava also provided his consent to act as RP.

## Facts

Kotak Mahindra Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Arun Shelters Pvt Ltd. The NCLT admitted the application on 2020-01-31 and appointed Mr. Pankaj Srivastava as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) then resolved on 2020-03-02 to appoint Mr. Pankaj Srivastava as the Resolution Professional (RP). Mr. Srivastava provided his consent to act as RP. I.A. No. 155 of 2020 was filed seeking to take on record the appointment of Mr. Pankaj Srivastava as the Resolution Professional for conducting the CIRP of the Corporate Debtor. The CoC passed a resolution confirming the IRP as RP with the requisite majority.

## Issues and analysis

### Issue 1: Whether the application to confirm the appointment of Mr. Pankaj Srivastava as the Resolution …

**Ratio:** The ratio is based on the principle that appointments of Resolution Professionals must

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**Reasoning:** The court reasoned that the application was filed in accordance with the law and that the

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**Interpretation:** The interpretation involves understanding the provisions of the IBC related to

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s Kotak…
- **Respondents:** M/s.Arun Shelters…

## Timeline

- **2020-01-31 — Tribunal Ad…**: Tribunal admitted the application for CIRP and appointed Mr. Pankaj Srivastava as the…
- **2020-03-02 — CoC Resol…**: Committee of Creditors (CoC) resolved to appoint Mr. Pankaj Srivastava as the Resolution…

## 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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