# In the matter of Govindam Metals and Alloys Private Limited I.A. NO. 1049 OF 2020 In C.P. (IB) No. 3634-I&B-MB-2019

> NCLT judgment dated 2020-07-30. Citation: TCN-2020-NCLT-00927. This case involves an Interlocutory Application filed by Bank of India Limited, seeking…

- **Court:** NCLT
- **Order date:** 30 Jul 2020
- **Citation:** TCN-2020-NCLT-00927
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/govindam-metals-and-alloys-private-limited-ia-no-1049-of-2020-in-cp-ib-no-3634-i-7fcc6122

## Summary

### Background

This case involves an Interlocutory Application filed by Bank of India Limited, seeking permission from the NCLT Mumbai Bench for the appointment of Mr. Fanendra Harakchand Munot as the Resolution Professional (RP) to continue the Corporate Insolvency Resolution Process (CIRP) of Govindam Metals & Alloys Private Limited. The CIRP was initiated following an order dated 17.01.2020, based on a petition filed by Kamlesh Satish Agarwal Goyal (Proprietor of Meera Tradelinks) due to a default in loan payment by the Corporate Debtor. Initially, Mr. Arun Rajabhau Joshi was appointed as the Interim Resolution Professional (IRP).

## Facts

On 17.01.2020, the NCLT admitted a petition filed by Kamlesh Satish Agarwal Goyal (Meera Tradelinks) under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating CIRP against Govindam Metal & Alloy Private Limited due to loan default. Mr. Arun Rajabhau Joshi was appointed as the Interim Resolution Professional (IRP). Bank of India, a member of the Committee of Creditors (CoC) with 94.12% voting share, filed a claim of Rs. 16,14,00,000, with the IRP admitting Rs. 9,83,98,000. The CoC held two meetings and unanimously (100% votes) resolved to appoint Mr. Fanendra Harakchand Munot as the Resolution Professional (RP), replacing the existing IRP. Bank of India then filed an Interlocutory Application seeking the NCLT's permission to appoint Mr. Munot as the RP.

## Issues and analysis

### Issue 1: Whether the Interlocutory Application filed by Bank of India for the appointment of Mr. Fanendra …

**Ratio:** The ratio is based on the principle that the Committee of Creditors (CoC) has the

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**Reasoning:** The court reasoned that the CoC, in its commercial wisdom, had unanimously decided to

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**Interpretation:** The interpretation involves understanding the powers and responsibilities of

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

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## Parties

- **Judges:** Harihar Prakash…; ShyamBabu…
- **Appellants:** Bank of India…
- **Respondents:** Govindam Metal &…; Govindam Metals &…

## Timeline

- **2020-01-17 — CIRP Initiati…**: NCLT admitted the petition filed by Kamlesh Satish Agarwal Goyal (Meera Tradelinks) under…
- **2020-01-24 — Public Notice and Claim…**: The IRP issued a public notice and…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/govindam-metals-and-alloys-private-limited-ia-no-1049-of-2020-in-cp-ib-no-3634-i-7fcc6122