# In the matter of Prothom Industries India Pvt. Ltd. M.A. 1533-MB-2018 in C.P. (IB)-2776-MB-2018

> NCLT judgment dated 2019-05-01. Citation: TCN-2019-NCLT-03599. The case involves an application filed by RBL Bank, a financial creditor, under Section…

- **Court:** NCLT
- **Order date:** 1 May 2019
- **Citation:** TCN-2019-NCLT-03599
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prothom-industries-india-pvt-ltd-ma-1533-mb-2018-in-cp-ib-2776-mb-2018-6c06abf5

## Summary

### Background

The case involves an application filed by RBL Bank, a financial creditor, under Section 22(3)(b) of the Insolvency and Bankruptcy Code (IBC) for a change of the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) passed a resolution with 88% voting to replace Mr. Vinod with Mr. Deven as the Resolution Professional for the Corporate Debtor.

## Facts

RBL Bank, a financial creditor, filed an application under Section 22(3)(b) of the Insolvency and Bankruptcy Code (IBC) seeking a change of the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) had passed a resolution with 88% voting to replace Mr. Vinod with Mr. Deven as the Resolution Professional for the Corporate Debtor. The application was filed because the CoC wanted to replace the existing IRP with a new one. The court heard the counsel for RBL Bank.

## Issues and analysis

### Issue 1: Whether the application filed by RBL Bank under Section 22(3)(b) of the IBC for change of IRP is …

**Ratio:** Section 22(3)(b) of the IBC allows for the replacement of the IRP based on a resolution

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**Reasoning:** The court considered the application filed by RBL Bank and noted that it was based on a

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**Interpretation:** Section 22(3)(b) provides a mechanism for the CoC to replace the IRP if they

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**Application:** The court applied Section 22(3)(b) to the facts of the case, noting that the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** RBL B…
- **Respondents:** PROTHOM INDUSTRIES…

## Timeline

- **2019-05-01 — Hearing…**: Hearing of the Mumbai Bench of the…

## 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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