# In the matter of Nvento Foods Technologies Pvt. Ltd. MA No. 575 in TCP No. 639-I&BC-NCLT-MB-MAH-2017

> NCLT judgment dated 2017-11-29. Citation: TCN-2017-NCLT-00126. The case involves a petition filed by HDFC Bank Limited, a financial creditor, against Nvento…

- **Court:** NCLT
- **Order date:** 29 Nov 2017
- **Citation:** TCN-2017-NCLT-00126
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nvento-foods-technologies-pvt-ltd-ma-no-575-in-tcp-no-639-ibc-nclt-mb-mah-2017-172ca016

## Summary

### Background

The case involves a petition filed by HDFC Bank Limited, a financial creditor, against Nvento Foods Technologies Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The initial order admitted the petition and appointed Mr. Sanjay Kumar Lunkad as the Interim Resolution Professional (IRP). However, it was discovered that Mr. Lunkad's registration had expired, leading the financial creditor to file a Miscellaneous Application for substitution of the IRP.

## Facts

HDFC Bank Limited filed a petition against Nvento Foods Technologies Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petition was initially admitted, and Mr. Sanjay Kumar Lunkad was appointed as the Interim Resolution Professional (IRP). However, it was discovered that Mr. Lunkad's registration as an IRP had expired on 06.07.2017. Consequently, HDFC Bank filed a Miscellaneous Application seeking the substitution of the IRP. The financial creditor proposed Mr. Rajeev Mannadiar as the new Resolution Professional, who possesses a valid registration. The court considered a similar case where the registration of the IRP had expired and emphasized the necessity of a qualified Insolvency Professional for the CIRP to proceed. The court then allowed

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## Issues and analysis

### Issue 1: Whether the application for substitution of the Interim Resolution Professional (IRP) should be …

**Ratio:** The Corporate Insolvency Resolution Process (CIRP) cannot proceed without a validly

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**Reasoning:** The court reasoned that in the absence of a qualified Insolvency Professional, no steps

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**Interpretation:** The interpretation is that a valid registration is a mandatory requirement for

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**Application:** In this case, Mr. Sanjay Kumar Lunkad's registration had expired, rendering him

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## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** HDFC Bank L…
- **Respondents:** Nvento Foods…

## Timeline

- **2017-08-23 — Initial…**: An order was passed under section 7 of I&B Code admitting the petition of HDFC Bank as a…
- **2017-08-23 — Appointment…**: Mr. Sanjay Kumar Lunkad was appointed as the…

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