# In the matter of Orient Spa Ltd. IA 316-2019 in C.P. (IB) No. 509-NCLT-AHM-2018

> NCLT judgment dated 2019-06-17. Citation: TCN-2019-NCLT-02864. The case involves an application (IA 316 of 2019) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 17 Jun 2019
- **Citation:** TCN-2019-NCLT-02864
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/orient-spa-ltd-ia-316-2019-in-cp-ib-no-509-nclt-ahm-2018-0ac7f5c2

## Summary

### Background

The case involves an application (IA 316 of 2019) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) of Small Industries Development Bank of India initiated the CIRP against Orient Spa Ltd. The application seeks to replace the existing Interim Resolution Professional (IRP).

## Facts

The Committee of Creditors (COC) of Small Industries Development Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Orient Spa Ltd. An application (IA 316 of 2019) was filed seeking the replacement of the existing Interim Resolution Professional (IRP), Mr. Keyur J. Shah. The COC passed a resolution on 2019-05-17 to replace Mr. Shah with Mr. Vikas Jain as the Resolution Professional (RP). Mr. Shah, the IRP, stated that he had no objection to the replacement, provided his dues were cleared by the Committee of Creditors. The application was filed under Section 22 of the Insolvency & Bankruptcy Code.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the replacement of the existing Interim …

**Ratio:** The Adjudicating Authority can approve the replacement of the IRP based on the resolution

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**Reasoning:** The court considered the resolution passed by the COC to replace the IRP. The court also

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**Interpretation:** Section 22 of the Insolvency & Bankruptcy Code provides for the appointment

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**Application:** In this case, the COC passed a resolution to replace the IRP, Mr. Keyur J.

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** COC of Small…
- **Respondents:** Orient Sp…

## Timeline

- **2019-05-17 — COC Resol…**: The Committee of Creditors (COC) passed a resolution to replace the Interim Resolution…
- **2019-06-17 — Order Da…**: The Adjudicating Authority approved the replacement of the IRP and directed the registry…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(3) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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