# In the matter of Rathi Ispat Ltd. (IB)-558(ND)-2019

> NCLT judgment dated 2020-05-29. Citation: TCN-2020-NCLT-01271. The case involves an application filed for the replacement of the resolution professional, Mr.…

- **Court:** NCLT
- **Order date:** 29 May 2020
- **Citation:** TCN-2020-NCLT-01271
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rathi-ispat-ltd-ib-558nd-2019-1cef83bc

## Summary

### Background

The case involves an application filed for the replacement of the resolution professional, Mr. Raj Kumar Gupta, with Mr. Debashis Nanda. The Committee of Creditors (CoC) approved the resolution with 100% voting share in its 3rd meeting held on March 17, 2020. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

PNB filed an application to replace the existing resolution professional, Mr. Raj Kumar Gupta, with Mr. Debashis Nanda. The CoC approved this replacement with a 100% voting share during its meeting on March 17, 2020. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Form AA of Mr. Nanda was annexed with the application. The court considered the submissions and documents before deciding to appoint Mr. Debashis Nanda as the new resolution professional for the corporate debtor, Rathi Ispat Ltd.

## Issues and analysis

### Issue 1: Whether the application for the replacement of the resolution professional from Mr. Raj Kumar Gupta …

**Ratio:** The court has the power to approve the replacement of a resolution professional based on

…

**Reasoning:** The court considered the submissions made by the counsel and the documents placed on

…

**Interpretation:** The Insolvency and Bankruptcy Code, 2016, allows for the replacement of a

…

**Application:** In this case, the CoC's decision to replace Mr. Raj Kumar Gupta with Mr.

…

## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** PNB…
- **Respondents:** Rathi Ispa…

## Timeline

- **2020-03-17 — CoC Meet…**: The CoC held its 3rd meeting and passed a resolution with 100% voting share to replace…
- **2020-05-29 — Order Del…**: The NCLT delivered the order, approving the replacement of the resolution professional…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/rathi-ispat-ltd-ib-558nd-2019-1cef83bc