# In the matter of Perfact Color Digital Prints Pvt. Ltd. IA-1654-ND-2020 in IB-1974-ND-2019

> NCLT judgment dated 2020-07-15. Citation: TCN-2020-NCLT-01025. The application was filed by SIDBI, a member of the Committee of Creditors (CoC), seeking to…

- **Court:** NCLT
- **Order date:** 15 Jul 2020
- **Citation:** TCN-2020-NCLT-01025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfact-color-digital-prints-pvt-ltd-ia-1654-nd-2020-in-ib-1974-nd-2019-ae30fd0c

## Summary

### Background

The application was filed by SIDBI, a member of the Committee of Creditors (CoC), seeking to replace the Interim Resolution Professional (IRP) and appoint Mr. Harish Taneja as the Resolution Professional (RP). Mr. Taneja had provided his consent letter, which was included in the application. The CoC had approved the appointment of Mr. Harish Taneja in its meeting.

## Facts

SIDBI, a member of the CoC, filed an application to replace the existing IRP, Mr. Shashi Bhushan Prasad, with Mr. Harish Taneja as the RP. Mr. Harish Taneja provided his consent letter. The CoC had approved the appointment of Mr. Harish Taneja in a meeting held on 2020-01-13. The resolution to replace the IRP with Mr. Harish Taneja was dated 2020-01-13. Mr. Harish Taneja's registration number is IBBI/IPA-002/IP-N00088/2017-2018/10229.

## Issues and analysis

### Issue 1: Whether the appointment of Mr. Harish Taneja as Resolution Professional should be approved, …

**Ratio:** The appointment of a Resolution Professional can be approved if the Committee of

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**Reasoning:** The court considered the submissions made on behalf of the parties and noted that the CoC

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**Interpretation:** The legal issue revolves around the authority of the CoC to appoint a

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**Application:** Since the CoC approved the appointment of Mr. Harish Taneja, the court approved

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Rajat M…
- **Respondents:** Perfact Color…

## Timeline

- **2020-01-13 — CoC Resol…**: The CoC passed a resolution to replace the IRP, Mr. Shashi Bhushan Prasad, with Mr.…
- **2020-07-15 — Order Del…**: The order was delivered on July 15, 2020, approving the appointment of Mr. Harish Taneja…

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