# In the matter of Mussadi Lal Kishan Lal Vs. Ram Dev Int. Ltd (IB)-178 (PB)-2017

> NCLT judgment dated 2018-05-15. Citation: TCN-2018-NCLT-01406. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 15 May 2018
- **Citation:** TCN-2018-NCLT-01406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mussadi-lal-kishan-lal-vs-ram-dev-int-ltd-dbb63594

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant proposed Mr. K.V. Somani as the Resolution Professional. However, it was brought to the court's attention that Mr. Somani was empanelled with the State Bank of India, Hyderabad, which has since merged with the State Bank of India. The State Bank of India is a member of the committee of creditors (COC).

## Facts

Mussadi Lal Kishan Lal filed an application. The applicant proposed Mr. K.V. Somani as the Resolution Professional. Mr. Somani was previously on the panel of the erstwhile State Bank of India, Hyderabad, which is now merged with the State Bank of India. The State Bank of India is a member of the committee of creditors (COC). The COC proposed Mr. K.V. Somani to act as Resolution Professional, replacing Mr. Rakesh Kumar Jain. The court found that Mr. Somani's prior association with the State Bank of India compromised his independence.

## Issues and analysis

### Issue 1: Whether the proposed Resolution Professional, Mr. K.V. Somani, can be considered independent given …

**Ratio:** A Resolution Professional must be independent to conduct the CIR process fairly and

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**Reasoning:** The court reasoned that Mr. Somani's prior association with the State Bank of India, a

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**Interpretation:** The interpretation of the law emphasizes the need for an independent Resolution

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**Application:** In this specific case, Mr. Somani's prior association with the State Bank of

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Mussadi Lal…
- **Respondents:** Ram Dev Int…
- **Advocates:** PBA Srini…; Vidhi G…

## Timeline

- **2018-05-15 — Order Del…**: The order was delivered…

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