# In the matter of Punj Lloyd Ltd. (IB)-731(PB)-2018

> NCLT judgment dated 2019-05-22. Citation: TCN-2019-NCLT-03218. This is an application filed under Section 22(3)(b) seeking permission to replace the earlier…

- **Court:** NCLT
- **Order date:** 22 May 2019
- **Citation:** TCN-2019-NCLT-03218
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/punj-lloyd-ltd-ib-731pb-2018-71691722

## Summary

### Background

This is an application filed under Section 22(3)(b) seeking permission to replace the earlier Interim Resolution Professional (IRP) with a newly recommended Resolution Professional (RP), Mr. Ashwani Mehra. The Committee of Creditors (CoC) passed a resolution in its meeting held on 08.05.2019, which was listed as Item No. 7A and approved with a voting share of 73.55%. The name of the other proposed RP was not approved. The written consent of the newly approved RP, along with the necessary declaration in form AA, has been placed on record in pursuance of Regulation 3(1A) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016.

## Facts

ICICI Bank filed an application to replace the existing Interim Resolution Professional (IRP) with a newly recommended Resolution Professional (RP), Mr. Ashwani Mehra. The Committee of Creditors (CoC) approved the appointment of Mr. Ashwani Mehra with a voting share of 73.55% during a meeting held on 08.05.2019. The written consent and necessary declarations, as required by Regulation 3(1A) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016, were submitted to the court. The State Bank of India's counsel was authorized to file the application. The previous IRP is being replaced by Ashwani Mehra.

## Issues and analysis

### Issue 1: Whether the replacement of the earlier Interim Resolution Professional (IRP) with the newly …

**Ratio:** The court has the power to approve the replacement of an IRP with a newly recommended RP

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**Reasoning:** The court considered the CoC's resolution approving the new RP with a 73.55% voting share

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**Interpretation:** The court interprets Section 22(3)(b) of the Insolvency and Bankruptcy Code,

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**Application:** The court applied the ratio to the facts of the case, noting that the CoC had

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** ICICI…
- **Respondents:** Punj Lloy…

## Timeline

- **2019-05-08 — CoC Meet…**: The Committee of Creditors (CoC) held a meeting and passed a resolution approving the…
- **2019-05-22 — Order Del…**: The NCLT delivered the order approving the…

## 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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