# 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-00422. 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-00422
- **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-2019-6ba21c6a

## 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 and approve expenditures incurred during the CIRP. The CIRP was initiated following an order dated 2019-08-28. The CoC, primarily represented by Indian Bank, initially sought time for internal approval but later dissented to the resolutions and decided to replace the IRP. The IRP filed the application due to this lack of cooperation and the CoC's refusal to approve expenditures.

## Facts

Kei-Rsos Maritime Limited is undergoing Corporate Insolvency Resolution Process (CIRP) initiated on 2019-08-28. Anand Chandra Swain was appointed as the Interim Resolution Professional (IRP). The company's operations involve Single Point Mooring (SPM), port operation, and towing. The Committee of Creditors (CoC), represented by Indian Bank, initially sought time for approval but later dissented to resolutions and decided to replace the IRP. The IRP filed an application seeking directions to the CoC to cooperate and approve expenditures. Crowe Boda & Company Private Limited, the Indian representative and agent of Shipowners' Protection Limited (SOPL), terminated the company's insurance coverage, citing the admission of the Company Petition. The insurance covered two

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) is obligated to cooperate with the Interim Resolution …

**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 directed the IRP to provide all relevant documents and materials supporting the

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**Interpretation:** The legal issue revolves around the interpretation of the Insolvency and

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**Application:** In this specific case, the CoC had raised concerns about the lack of detailed

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## Parties

- **Judges:** Janab Mohammed…
- **Appellants:** Anand Chandra…
- **Respondents:** Kei-Rsos Maritime…; Shyam Pr…
- **Advocates:** YASH VA…; V. Venkat Rami…; +1 more

## Timeline

- **2018-01-01 — CP(IB) NO. 32/9…**: Company Petiti…
- **2019-08-28 — CIRP Init…**: Tribunal directed initiation of CIRP for…

## 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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