# In the matter of KEI-RSOS Maritime Limited IA No. 33 of 2019 in TCP (IB) No. 79-9-AMR-2019

> NCLT judgment dated 2019-11-27. Citation: TCN-2019-NCLT-00430. The case involves an application by the Interim Resolution Professional (IRP) of Kei-Rsos…

- **Court:** NCLT
- **Order date:** 27 Nov 2019
- **Citation:** TCN-2019-NCLT-00430
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kei-rsos-maritime-limited-ia-no-33-of-2019-in-tcp-ib-no-79-9-amr-2019-3fdc1a92

## Summary

### Background

The case involves an application by the Interim Resolution Professional (IRP) of Kei-Rsos Maritime Limited, a company undergoing Corporate Insolvency Resolution Process (CIRP). The IRP sought directions from the National Company Law Tribunal (NCLT) to compel the Committee of Creditors (CoC) to cooperate with him and approve expenditures incurred during the CIRP. The CIRP was initiated on 2019-08-28. The CoC, primarily represented by Indian Bank, initially sought time to approve the expenditures but later dissented and decided to replace the IRP. The IRP also filed a separate application seeking restraint against the termination of the insurance cover of the company's vessels by Shipowners' Protection Limited (SOPL) through its Indian representative, Crowe Boda &

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## Facts

Kei-Rsos Maritime Limited is a company engaged in Single Point Mooring operations under contract with oil refineries. On 2019-08-28, the NCLT initiated CIRP against the company and appointed an Interim Resolution Professional (IRP), Mr. Anand Chandra Swain. The company incurred expenditures for its operations during the CIRP. The Committee of Creditors (CoC), represented by Indian Bank, initially sought time to approve these expenditures but later dissented and decided to replace the IRP. The first CoC meeting was held on 2019-10-01. The CoC sent an email dissenting to all the resolutions on 2019-10-30. Shipowners' Protection Limited (SOPL) provided Protection and Indemnity (P & I) insurance cover to two ships, COROMANDEL SUPPORTER III and COROMANDEL SUPPORTER IX,

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) should be directed to cooperate with the Interim …

**Ratio:** The CoC has a duty to cooperate with the IRP to ensure the smooth conduct of the CIRP.

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**Reasoning:** The NCLT reasoned that the purpose of CIRP is to keep the company operational and

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**Interpretation:** This issue involves the interpretation of the duties and responsibilities of

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**Application:** The NCLT directed the IRP to provide all relevant documents to the CoC by

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## Parties

- **Judges:** Janab Mohammed…
- **Appellants:** Anand Chandra…
- **Respondents:** Kei-Rsos Maritime…; Shyam Pr…

## Timeline

- **2018-01-01 — CP(IB) NO. 32/9…**: Company Pe…
- **2019-02-08 — Insurance Cert…**: Certificates of insurance…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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