# 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-01198. 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-01198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rathi-graphic-technologies-ltd-ia-no-129-2020-in-cp-no-ib325-ald-2019-63ab6140

## 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 unanimous vote of 100% strength.

## Facts

The Committee of Creditors (CoC) filed an application (IA No.129/2020) under Section 22(3) of the Insolvency and Bankruptcy Code (IBC) in CP NO.(IB)325/ALD/2019. The CoC sought to replace the existing Interim Resolution Professional (IRP), Mr. Sunil Agarwal, with Mr. Anshul Gupta as the Resolution Professional (RP) for the Corporate Debtor. The CoC's decision was made in a meeting held on 03.03.2020, where they unanimously voted to replace Mr. Sunil Agarwal with 100% voting strength. The minutes of the CoC meeting are appended as Annexure-2 to the application. The applicant is Exim Scrips Dealers Pvt. Ltd. V/S Rathi Graphics Technologies Ltd.

## Issues and analysis

### Issue 1: Whether the application (IA No.129/2020) filed by the CoC under Section 22(3) of the IBC in CP …

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

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**Reasoning:** The court considered the CoC's application and the fact that the decision to replace the

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**Interpretation:** Section 22(3) of the IBC grants the CoC the authority to replace the IRP,

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**Application:** In this case, the CoC exercised its power under Section 22(3) of the IBC to

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** EXIM SCRIPS…
- **Respondents:** 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 of Allahabad…**: Hearing of Allahabad Bench of the National Company Law Tribunal on 10.06.2020 at 11:00 AM…

## 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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