# 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-01029. 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-01029
- **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-c9ddb9e0

## 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 has also provided his consent letter, which is included in the application.

## Facts

SIDBI, as 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 approved the appointment of Mr. Harish Taneja in its meeting held on 13.01.2020. The resolution to replace the IRP with Mr. Harish Taneja was passed on 13.01.2020. 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 approval of the CoC for the appointment of a Resolution Professional is a significant

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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 court interprets the IBC to allow the CoC to have a significant role in the

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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.…
- **2020-01-13 — CoC Meet…**: The appointment of Mr. Harish Taneja as RP…

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