# 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-00347. 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-00347
- **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-2020-5a59c27b

## 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 with 84.6% voting share in the Committee of Creditors (CoC), filed an application to replace the Interim Resolution Professional (IRP), Mr. S. Viswanathan, with Ms. Shirley Mathew. The IRP was accused of not conducting proper voting on agendas and failing to provide voting sheets. The Adjudicating Authority directed the IRP to hold a CoC meeting and submit a resolution, but the IRP allegedly did not comply within the specified time. A CoC meeting was eventually held, where a resolution was passed to replace Mr. Viswanathan with Ms. Mathew.

## 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 physical/electronic voting on meeting agendas, did not furnish voting sheets, and leveled allegations against the bank and its officials. The IRP contended that there was no need to maintain voting sheets. The Adjudicating Authority directed the IRP to hold a CoC meeting, but he allegedly did not comply

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) is entitled to replace the Interim Resolution Professional …

**Ratio:** Section 27 of the IBC, 2016, empowers the CoC to replace a Resolution Professional if

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**Reasoning:** The court found force in the submission made on behalf of Canara Bank, noting that the

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**Interpretation:** Section 27 of the IBC grants significant authority to the CoC in the CIRP

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**Application:** In this case, the CoC, represented by Canara Bank with a substantial voting

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## Parties

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

## 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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