# In the matter of Rathi Graphic Technologies Ltd. IA No. 129-2020 in CP No. (IB)325-ALD-2019

> NCLT judgment dated 2020-06-10. Citation: TCN-2020-NCLT-01204. The case involves an application (IA No.129/2020) filed by the Committee of Creditors (CoC)…

- **Court:** NCLT
- **Order date:** 10 Jun 2020
- **Citation:** TCN-2020-NCLT-01204
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rathi-graphic-technologies-ltd-ia-no-129-2020-in-cp-no-ib325-ald-2019-0e472e1d

## Summary

### Background

The case involves an application (IA No.129/2020) filed by the Committee of Creditors (CoC) under Section 22(3) of the Insolvency and Bankruptcy Code (IBC) in CP NO.(IB)325/ALD/2019. The CoC seeks to appoint Mr. Anshul Gupta as the Resolution Professional (RP) in place of the existing Interim Resolution Professional (IRP), Mr. Sunil Agarwal, for the Corporate Debtor. The CoC's decision to replace Mr. Sunil Agarwal was made in a meeting held on 03.03.2020, exercising the powers under Section 22 of the Code, with a 100% voting strength.

## Facts

The Corporate Debtor is undergoing Corporate Insolvency Resolution Process (CIRP). Mr. Sunil Agarwal was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) convened a meeting on 03.03.2020 and unanimously decided, with 100% voting strength, to replace Mr. Sunil Agarwal. The CoC then filed IA No.129/2020 under Section 22(3) of the IBC in CP NO.(IB)325/ALD/2019, seeking the appointment of Mr. Anshul Gupta (IBBI Registration No.IBBI/IPA-002/IP-N00310/2017-18/10899) as the new Resolution Professional (RP). The application was filed before the Allahabad bench of the National Company Law Tribunal (NCLT).

## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) has the authority to replace the Interim Resolution …

**Ratio:** Section 22(3) of the IBC grants the CoC the power to replace the IRP with a resolution

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**Reasoning:** The court acknowledged the CoC's decision made in its meeting held on 03.03.2020, where

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**Interpretation:** Section 22 of the IBC is interpreted to empower the CoC to make decisions

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**Application:** The CoC, having exercised its power under Section 22 with a 100% voting

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** EXIM SCRIPS…; Sh. Amitabh…

## Timeline

- **2020-03-03 — CoC Meet…**: The Committee of Creditors (CoC) held a meeting and unanimously decided to replace Mr.…
- **2020-06-10 — Hearing and…**: The Allahabad bench of the National Company Law Tribunal (NCLT) heard the application (IA…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22 — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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