# In the matter of Rai Homes Universal Pvt. Ltd. IA 4-2020 in TP 171-2019 {CP(IB) 218-2018}

> NCLT judgment dated 2020-01-17. Citation: TCN-2020-NCLT-02290. The case involves an application (IA No. 4 of 2020) in a corporate insolvency resolution…

- **Court:** NCLT
- **Order date:** 17 Jan 2020
- **Citation:** TCN-2020-NCLT-02290
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rai-homes-universal-pvt-ltd-ia-4-2020-in-tp-171-2019-cpib-218-2018-327f5468

## Summary

### Background

The case involves an application (IA No. 4 of 2020) in a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) passed a resolution to replace the Interim Resolution Professional (IRP). The retiring IRP, Mr. H.R. Mutreja, appeared and requested that his professional fees be considered. The Adjudicating Authority reviewed the CoC's resolution and the documents related to the I.A.

## Facts

The key facts are as follows: An application (IA 4 of 2020) was filed in an ongoing CIRP. The CoC passed a resolution on August 26, 2019, to replace the existing IRP, Mr. H.R. Mutreja, with Mr. Jagdish Kumar. Mr. Mutreja requested consideration of his professional fees. The Adjudicating Authority reviewed the CoC's resolution and related documents. The CoC's resolution was passed with the requisite majority. The case is related to Rai Homes Universal Pvt Ltd, with Bank of India as the applicant. The resolution for the appointment of the new RP was approved. The CoC was directed to settle the dues of the retiring IRP. These facts are relevant because they demonstrate the CoC's power to replace the IRP and the process for appointing a new RP.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the CoC's resolution to replace the existing IRP …

**Ratio:** The CoC has the jurisdiction and power to pass a resolution with the requisite majority

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**Reasoning:** The Adjudicating Authority reviewed the CoC's resolution and found that it was passed

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**Interpretation:** This interprets the provisions of the I&B Code that grant the CoC the

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**Application:** The ratio is applied to the specific facts of the case, where the CoC passed a

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Nishith P.…
- **Respondents:** Rai Homes…
- **Advocates:** Nishith P.…; Aditya J…

## Timeline

- **2019-08-26 — CoC Resol…**: The CoC passed a resolution for the substitution of the present IRP with Mr. Jagdish…
- **2020-01-17 — Order Da…**: The Adjudicating Authority approved the appointment of Mr. Jagdish Kumar as the new RP…

## 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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