# In the matter of Kopalle Pharma Chemicals Private Limited IA No. 200-2018 In CP (IB) No. 15-09-HDB-2018

> NCLT judgment dated 2018-06-22. Citation: TCN-2018-NCLT-01240. The case involves an application filed by a Financial Creditor under section 22(3)(b) of the…

- **Court:** NCLT
- **Order date:** 22 Jun 2018
- **Citation:** TCN-2018-NCLT-01240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kopalle-pharma-chemicals-private-limited-ia-no-200-2018-in-cp-ib-no-15-09-hdb-20-6a17bbf8

## Summary

### Background

The case involves an application filed by a Financial Creditor under section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016, seeking approval for the appointment of a Resolution Professional. An Operational Creditor, Ayeka International, had previously filed an application under section 9 of the IBC against the Corporate Debtor, Kopalle Pharma Chemicals Private Limited. The Tribunal had initially appointed Shri. Ranga Rao Doradla as the Interim Resolution Professional (IRP).

## Facts

Andhra Pradesh State Financial Corporation, Ranga Reddy (West) Branch, filed an application as a Financial Creditor against Kopalle Pharma Chemicals Pvt Ltd, the Corporate Debtor. Ayeka International, an Operational Creditor, had also filed an application against the Corporate Debtor. Initially, Shri. Ranga Rao Doradla was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) convened its first meeting on 06.06.2018 and resolved to replace the IRP. The CoC decided to replace the IRP with Mr. K.M.K.Prasad, with 95.96% of the votes in favor. Federal Bank Limited, another Financial Creditor, stated it had no objection to the application filed by the Petitioner/Financial Creditor. The relevance of these facts is that they establish the

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## Issues and analysis

### Issue 1: Whether the Tribunal should approve the replacement of the Interim Resolution Professional (IRP) …

**Ratio:** Section 22(3)(B) of the Insolvency & Bankruptcy Code, 2016, provides for replacing

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**Reasoning:** The Committee of Creditors, representing the Financial Creditors, filed an application to

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**Interpretation:** Section 22(3)(B) allows the CoC to replace the IRP by filing an application

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**Application:** In this case, the CoC voted to replace the IRP with Mr. K.M.K.Prasad, and the

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Andhra Pradesh…
- **Respondents:** Kopalle Pharma…

## Timeline

- **2018-04-06 — Appointment…**: Shri. Ranga Rao Doradla was appointed as the Interim Resolution Professional (IRP) by the…
- **2018-06-06 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was convened, where a resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(3) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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