# In the matter of Kikani International Pvt. Ltd. IA(IBC)-234-CHE-2022 in IBA-587-2020

> Read the full IBC case summary for In the matter of Kikani International Pvt. Ltd. IA(IBC)-234-CHE-2022 in IBA-587-2020. NCLT judgment dated 2022-04-21.…

- **Court:** NCLT
- **Order date:** 21 Apr 2022
- **Citation:** TCN-2022-NCLT-04934
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kikani-international-pvt-ltd-iaibc-234-che-2022-in-iba-587-2020-65f5f681

## Summary

### Background

The application was filed by the financial creditor to replace the Interim Resolution Professional (IRP) with a new Resolution Professional (RP) for the corporate debtor, KRT Mills Private Limited, during its Corporate Insolvency Resolution Process (CIRP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against KRT Mills Private Limited by the Tribunal's order in IBA/587/2020 on January 10, 2012, following an application by an Operational Creditor under section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Arpit Kothari was appointed as the Interim Resolution Professional (IRP) for the corporate debtor.

Following a public announcement, DBS Bank India Ltd., the applicant and financial creditor, filed a claim of Rs. 31,80,52,128.63/- with the IRP, which was accepted. Subsequently, the Committee of Creditors (COC) was constituted by the IRP, with the applicant being the sole financial creditor in the COC.

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional should be replaced with a new Resolution Professional…

**Ratio:** An Interim Resolution Professional can be replaced by a Resolution Professional if the…

**Reasoning:** The Committee of Creditors (COC) had resolved with a 100% majority to change the Interim…

**Interpretation:** The court interpreted **Section 22 (3) (b)** of the Insolvency and Bankruptcy…

**Application:** Given the 100% majority resolution of the COC and the incumbent IRP's consent,…

## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Advocates:** Rohan Rajas…

## Timeline

- **January 10, 2012 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against KRT Mills Private…
- **February 10, 2022 — First COC M…**: The first Committee of Creditors (COC) meeting was held, where a 100% majority resolved…

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