# In the matter of Maharaja Techno Chromes Pvt. Ltd. I.A. Nos. 208 & 313 of 2021 in CP (IB) No. 39-BB-2021

> NCLT judgment dated 2021-11-09. Citation: TCN-2021-NCLT-00571. The case involves M/s. Microsun Solartech Pvt Ltd as the petitioner and M/s. Maharaja Techno…

- **Court:** NCLT
- **Order date:** 9 Nov 2021
- **Citation:** TCN-2021-NCLT-00571
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maharaja-techno-chromes-pvt-ltd-ia-nos-208-313-of-2021-in-cp-ib-no-39-bb-2021-597b4779

## Summary

### Background

The case involves M/s. Microsun Solartech Pvt Ltd as the petitioner and M/s. Maharaja Techno Chromes Pvt Ltd as the respondent. The matter pertains to an order under Section 7 of the Insolvency & Bankruptcy Code, 2016. I.A No. 208 of 2021 was filed by the IRP of M/s. Maharaja Techno Chromes Pvt Ltd, seeking the replacement of the IRP with a Resolution Professional (RP). I.A No. 313 of 2021 was filed by the IRP of the Corporate Debtor seeking an extension of 90 days for the completion of the CIRP period.

## Facts

M/s. Microsun Solartech Pvt Ltd initiated insolvency proceedings against M/s. Maharaja Techno Chromes Pvt Ltd under Section 7 of the Insolvency & Bankruptcy Code, 2016. Shri Venkata Subbarao Kalva was initially appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (COC) resolved in its first meeting held on 2021-05-03 to replace the IRP with Shri Madhugiri Venkatarayappa Sudarshan. The IRP filed an application (I.A No. 208 of 2021) seeking the replacement. Furthermore, the IRP filed another application (I.A No. 313 of 2021) seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period by 90 days, as the initial 180-day period was set to expire on 2021-10-03, and the COC believed there were ample chances

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## Issues and analysis

### Issue 1: Whether the IRP should be replaced by a Resolution Professional (RP) as resolved by the Committee …

**Ratio:** The Adjudicating Authority has the power to replace the IRP with an RP based on the

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**Reasoning:** The court considered the COC's resolution to replace the IRP with Shri Madhugiri

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**Interpretation:** The IBC and related regulations empower the COC to make decisions regarding the

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**Application:** In this case, the COC resolved to replace the IRP with Shri Madhugiri

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** M/s. Microsun…
- **Respondents:** M/s. Maharaja…

## Timeline

- **2021-04-06 — CIRP Commen…**: The Corporate Insolvency Resolution Process…
- **2021-05-03 — COC Meet…**: The Committee of Creditors (COC) resolved to replace the Interim Resolution Professional…

## 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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