# In the matter of Maylari Agro Products Ltd. I.A. Nos. 276 & 249 of 2021 in C.P. (IB) No. 02-BB-2020

> NCLT judgment dated 2021-11-30. Citation: TCN-2021-NCLT-00355. The case involves a Company Petition filed by Shree Ratna Farm Products against Mylari Agro…

- **Court:** NCLT
- **Order date:** 30 Nov 2021
- **Citation:** TCN-2021-NCLT-00355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maylari-agro-products-ltd-ia-nos-276-249-of-2021-in-cp-ib-no-02-bb-2020-016c7d23

## Summary

### Background

The case involves a Company Petition filed by Shree Ratna Farm Products against Mylari Agro Products Ltd., which was admitted by the Adjudicating Authority. Subsequently, Canara Bank, a financial creditor and member of the Committee of Creditors (CoC) with 84.6% voting share, filed an application to replace the Interim Resolution Professional (IRP), Mr. S. Viswanathan, with Ms. Shirley Mathew. The IRP, Mr. Viswanathan, also filed an application seeking to countermand the actions of Canara Bank in the CoC meeting and to be reconfirmed as the Resolution Professional.

## Facts

Shree Ratna Farm Products initiated a Corporate Insolvency Resolution Process (CIRP) against Mylari Agro Products Ltd. The Adjudicating Authority admitted the petition and appointed Mr. S. Viswanathan as the Interim Resolution Professional (IRP). Canara Bank, a financial creditor with 84.6% voting share in the Committee of Creditors (CoC), filed an application to replace Mr. Viswanathan with Ms. Shirley Mathew. Canara Bank alleged that Mr. Viswanathan failed to conduct proper voting, disputed their consent to his appointment, and failed to provide voting sheets. Mr. Viswanathan, in turn, argued that there was no need to maintain voting sheets and sought to countermand Canara Bank's actions. The CoC subsequently resolved to replace Mr. Viswanathan with Ms. Shirley

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in allowing the replacement of the Interim …

**Ratio:** Section 27 of the Insolvency and Bankruptcy Code (IBC) allows the Committee of Creditors

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**Reasoning:** The Adjudicating Authority found that Canara Bank, holding 84.6% of the voting share in

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**Interpretation:** Section 27 of the IBC grants significant power to the CoC in determining the

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**Application:** In this case, the CoC, with Canara Bank holding a majority voting share,

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Canara…
- **Respondents:** Mylari Agro…; S. Viswan…
- **Advocates:** Hemanth R…

## Timeline

- **2020-01-01 — Company Petiti…**: Shree Ratna Farm Products filed a Company…
- **2021-03-08 — Petition Ad…**: The Adjudicating Authority…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 27 — Replacement of resolution professional by…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-27)

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