# In the matter of One World Travel Solutions Ltd. (IB)-1343(PB)-2018

> NCLT judgment dated 2020-06-11. Citation: TCN-2020-NCLT-01185. The case involves an application filed under Section 22(3)(b) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Jun 2020
- **Citation:** TCN-2020-NCLT-01185
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/one-world-travel-solutions-ltd-ib-1343pb-2018-75318411

## Summary

### Background

The case involves an application filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) passed a resolution with 100% voting share in its 3rd meeting held on March 6, 2020, to replace the existing IRP, Mr. Jatin Madan, with CMA Sandeep Goel. The application was filed in the National Company Law Tribunal, New Delhi.

## Facts

Bank of Baroda initiated a Corporate Insolvency Resolution Process (CIRP) against One World Travel Solutions Ltd. An application was filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, to replace the existing Interim Resolution Professional (IRP), Mr. Jatin Madan, with CMA Sandeep Goel. The Committee of Creditors (CoC) approved this replacement with a 100% voting share during their 3rd meeting on March 6, 2020. The NCLT considered the submissions and documents presented by the counsel and subsequently appointed CMA Sandeep Goel as the Resolution Professional for the corporate debtor. Another application, IA-2185/2020, was disposed of in light of the order passed in the application for IRP replacement.

## Issues and analysis

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

**Ratio:** Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, allows for the replacement

…

**Reasoning:** The NCLT considered the resolution passed by the CoC with a 100% voting share in favor of

…

**Interpretation:** Section 22(3)(b) provides a mechanism for the CoC to recommend a replacement of

…

**Application:** In this case, the CoC's decision to replace the IRP with CMA Sandeep Goel,

…

## Parties

- **Judges:** SH. B.S.V.…; SH. HEMANT KUMAR…
- **Appellants:** Bank of B…
- **Respondents:** One World Travel…

## Timeline

- **2020-03-06 — CoC Meet…**: The Committee of Creditors (CoC) held its 3rd meeting and passed a resolution with 100%…
- **2020-06-11 — Order Del…**: The NCLT delivered the order approving the replacement of the IRP and appointing CMA…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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