# In the matter of Goouksheer Farm Fresh Pvt. Ltd. IA(IB) No. 392-KB-2020 in CP(IB) No. 1582-KB-2019

> NCLT judgment dated 2020-05-26. Citation: TCN-2020-NCLT-01325. The case involves an application (IA(IB) No. 392/KB/2020) filed in CP(IB) No. 1582/KB/2019 by…

- **Court:** NCLT
- **Order date:** 26 May 2020
- **Citation:** TCN-2020-NCLT-01325
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goouksheer-farm-fresh-pvt-ltd-iaib-no-392-kb-2020-in-cpib-no-1582-kb-2019-6ab1fd00

## Summary

### Background

The case involves an application (IA(IB) No. 392/KB/2020) filed in CP(IB) No. 1582/KB/2019 by P.M. Cold Storage Pvt. Ltd., a CoC member and Financial Creditor, seeking the replacement of the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of Goouksheer Farm Fresh Pvt. Ltd. The application was initially considered on 2020-03-12. The applicant sought an urgent hearing due to the COVID-19 pandemic and subsequent lockdown. The Corporate Debtor (CD) is undergoing CIRP since 2019-12-13, with Mr. Sanjeev Jhunjhunwala appointed as Interim Resolution Professional. The first CoC meeting was held on 2020-01-08, where the applicant was the sole member, holding 100% voting share. Subsequently, another financial creditor, New Hind Silk Pvt. Ltd,

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## Facts

P.M. Cold Storage Pvt. Ltd., a financial creditor, initiated an application to replace the Resolution Professional (RP) in the CIRP of Goouksheer Farm Fresh Pvt. Ltd. The CIRP commenced on 2019-12-13, with Sanjeev Jhunjhunwala appointed as the Interim RP. Initially, P.M. Cold Storage was the sole member of the CoC, holding 100% voting share. However, New Hind Silk Pvt. Ltd. lodged a claim of Rs. 1.96 crore, which was admitted by the RP on 2020-03-12, reducing P.M. Cold Storage's voting share to 24.07%. The applicant argued that the RP's conduct was questionable, citing the admission of a claim based on a doubtful financial statement and a fabricated audit report. The applicant also claimed that the RP had not addressed their concerns regarding financial crisis and

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## Issues and analysis

### Issue 1: Whether the application for removal/replacement of the RP is maintainable without supporting any …

**Ratio:** An application for replacement of the RP under Section 22(2) or 27(2) of the Insolvency

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**Reasoning:** The court reasoned that the applicant had not moved any resolution in the CoC as per

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**Interpretation:** Section 22(2) and 27(2) of the IBC, read with the relevant regulations,

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**Application:** In this case, the applicant, P.M. Cold Storage Pvt. Ltd., did not obtain the

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## Parties

- **Judges:** Jinan…
- **Appellants:** P.M. Cold Storage…
- **Respondents:** Goouksheer Farm…

## Timeline

- **2019-12-13 — CIRP Ord…**: CIRP commenced for Goouksheer Farm Fresh Pvt. Ltd. with Mr. Sanjeev Jhunjhunwala…
- **2020-01-08 — First CoC M…**: The first CoC meeting was held, with P.M. Cold Storage Pvt. Ltd. as the sole member,…

## 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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