# In the Metenere Limited CP No. IB-639(PB)-2018

> NCLT judgment dated 2020-01-04. Citation: TCN-2020-NCLT-02525. The case involves an objection raised by the Respondent regarding the proposed Interim…

- **Court:** NCLT
- **Order date:** 4 Jan 2020
- **Citation:** TCN-2020-NCLT-02525
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-metenere-limited-cp-no-ib-639pb-2018-9fe930f5

## Summary

### Background

The case involves an objection raised by the Respondent regarding the proposed Interim Resolution Professional (IRP), Mr. Shailesh Verma. Mr. Verma is an ex-employee of the State Bank of India (SBI), having worked there from 1977 until his retirement in 2016. The Respondent argues that this prior employment with SBI creates an apprehension of bias in favor of the Financial Creditor.

## Facts

The State Bank of India (SBI), as the Financial Creditor, filed a case under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Metenere Limited, the Corporate Debtor. The Respondent raised an objection to the appointment of Mr. Shailesh Verma as the Interim Resolution Professional (IRP). Mr. Verma is a former employee of SBI, having worked there for over 39 years, from 1977 until his retirement in 2016. The Respondent argued that Mr. Verma's prior employment with SBI would create an apprehension of bias, preventing him from acting fairly and independently. The Petitioner, SBI, did not dispute the fact that Mr. Verma was an ex-employee. The court found merit in the Respondent's objection, concluding that Mr. Verma's prior employment made it unlikely

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## Issues and analysis

### Issue 1: Whether the prior employment of the proposed Interim Resolution Professional (IRP) with the …

**Ratio:** An Interim Resolution Professional must be independent and impartial to ensure fair

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**Reasoning:** The court reasoned that the proposed IRP's long-term employment with SBI created a

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code emphasizes the need

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**Application:** The court applied the ratio to the specific facts, noting that Mr. Verma's

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** State Bank of…
- **Respondents:** M/s. Metenere…

## Timeline

- **1977-01-01 — Shailesh Verma…**: Mr. Shailesh Verma joined the…
- **2016-01-01 — Shailesh Verma retires…**: Mr. Shailesh Verma retired from State Bank of…

## 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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