# In the matter of Majestic Market Research Support Services IA-943-MB-2020 In C.P. (IB)/2512(MB)-2019

> NCLT judgment dated 2020-11-18. Citation: TCN-2020-NCLT-00243. The case involves an application (IA/943/MB/2020) filed in C.P. (IB)/2512(MB)/2019 for the…

- **Court:** NCLT
- **Order date:** 18 Nov 2020
- **Citation:** TCN-2020-NCLT-00243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/majestic-market-research-support-services-ia-943-mb-2020-in-cp-ib2512mb-2019-728fd7fd

## Summary

### Background

The case involves an application (IA/943/MB/2020) filed in C.P. (IB)/2512(MB)/2019 for the change of the Interim Resolution Professional (IRP) to a regular Resolution Professional (RP). The applicant states that during the 3rd Committee of Creditors (CoC) meeting held on March 7, 2020, the CoC, with a majority of 94.7%, resolved to change the IRP.

## Facts

L & T Housing Finance Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Majestic Market Research Support Services. During the CIRP, an Interim Resolution Professional (IRP), Mr. Dhiren Shah, was appointed. Subsequently, in the 3rd meeting of the Committee of Creditors (CoC), held on March 7, 2020, the CoC, with a majority of 94.7%, resolved to replace Mr. Dhiren Shah with Mr. Anil Vaidya as the Resolution Professional. This decision was based on a proposal made by a CoC member, and the CoC also resolved that Mr. Vaidya's remuneration would be Rs. 75,000 plus out-of-pocket expenses and GST. Bank of Baroda, through its lawyer, was to move an application for the appointment of Mr. Vaidya. An application (IA/943/MB/2020) was filed in C.P.

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## Issues and analysis

### Issue 1: Whether the replacement of the Interim Resolution Professional (IRP) with a Resolution Professional …

**Ratio:** The ratio is based on the power of the Committee of Creditors (CoC) to decide on the

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**Reasoning:** The court reasoned that the CoC, having the requisite majority (94.7%), resolved to

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**Interpretation:** Section 22 of the IBC grants the CoC the power to appoint or replace the

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**Application:** In this case, the CoC, with a 94.7% majority, resolved to replace the IRP, Mr.

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## Parties

- **Judges:** Chandra Bha…; SUCHITRAKAN…
- **Appellants:** L&T Housing…
- **Respondents:** Majestic Market…

## Timeline

- **2020-03-07 — 3rd CoC M…**: The 3rd Committee of Creditors (CoC) meeting was held, where the CoC, with a majority of…
- **2020-11-18 — Hearing…**: Order sheet of the hearing of Mumbai Bench…

## 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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