# In the matter of Maharashtra Vidyut Nigam Pvt. Ltd. MA 1074-2019 In CP (IB) 593-(MB)-2019

> NCLT judgment dated 2019-03-26. Citation: TCN-2019-NCLT-04345. The case involves an application (MA 1074/2019) filed in connection with CP(IB) 593/(MB)/2018…

- **Court:** NCLT
- **Order date:** 26 Mar 2019
- **Citation:** TCN-2019-NCLT-04345
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maharashtra-vidyut-nigam-pvt-ltd-ma-1074-2019-in-cp-ib-593-mb-2019-a279592a

## Summary

### Background

The case involves an application (MA 1074/2019) filed in connection with CP(IB) 593/(MB)/2018 under Section 22(3)(b) of the Insolvency and Bankruptcy Code (IBC), 2016. The application seeks to replace the Interim Resolution Professional (IRP), Mr. Vinod Kumar Kothari, with Mr. Surya Pratap Gupta as the Resolution Professional (RP). The Committee of Creditors (CoC) discussed the replacement in its meeting on 2019-03-08 and agreed to appoint Mr. Surya Pratap Gupta as the RP through e-voting. The minutes of the CoC meeting are attached with the application.

## Facts

L & T Infrastructure Finance Company Ltd. initiated a corporate insolvency resolution process against Maharashtra Vidyut Nigam Pvt. Ltd. An application, MA 1074/2019, was filed under Section 22(3)(b) of the IBC, 2016, seeking to replace the Interim Resolution Professional (IRP), Mr. Vinod Kumar Kothari, with Mr. Surya Pratap Gupta as the Resolution Professional (RP). The Committee of Creditors (CoC) convened on 2019-03-08 and, through e-voting, unanimously agreed to appoint Mr. Surya Pratap Gupta as the RP. The CoC's decision was based on the statutory provision authorizing them to change the IRP. The e-voting results, demonstrating unanimous support for Mr. Gupta's appointment, were submitted with the application. The court considered the unanimous approval of the

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) has the authority to replace the Interim Resolution …

**Ratio:** The statutory provision under the Insolvency and Bankruptcy Code (IBC) authorizes the CoC

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**Reasoning:** The court acknowledges the statutory provision that empowers the CoC to replace the IRP.

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**Interpretation:** The IBC grants the CoC the power to make decisions regarding the management of

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**Application:** In this case, the CoC exercised its authority by voting to replace Mr. Vinod

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** L & T Infrastructu…
- **Respondents:** Maharashtra…

## Timeline

- **2018-01-01 — CP(IB) F…**: CP(IB) 593/(MB)/2018…
- **2019-01-01 — MA Filed…**: MA 1074/2019 w…

## 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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