# In the matter of Salelink Ecom Private Limited IA No.1279/MB.IV/2020 in IA No.1195/MB-IV/2020 in CP (IB) No.4675/MB-IV/2018 and IA No.1195/MB-IV/2020 in CP (IB) No.4675/MB-IV/2018

> NCLT judgment dated 2020-10-26. Citation: TCN-2020-NCLT-00340. The case involves an Interlocutory Application (IA) filed by Bank of India, acting on behalf of…

- **Court:** NCLT
- **Order date:** 26 Oct 2020
- **Citation:** TCN-2020-NCLT-00340
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/salelink-ecom-private-limited-ia-no1279mbiv2020-in-ia-no1195mb-iv2020-in-cp-ib-n-e8156618

## Summary

### Background

The case involves an Interlocutory Application (IA) filed by Bank of India, acting on behalf of the Committee of Creditors (CoC) of Salelink Ecom Private Limited, under sections 22(2) read with 22(3)(b) of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking approval for replacing Mr. Prabhakar Bhat, the Interim Resolution Professional (IRP), with Mr. Kamal Kishor Gurnani as the Resolution Professional (RP) of the Corporate Debtor. The Adjudicating Authority had previously admitted a petition under section 9 of the IBC and ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against Salelink Ecom Private Limited, appointing Mr. Prabhakar Bhat as the IRP.

## Facts

Bank of India, acting on behalf of the Committee of Creditors (CoC) of Salelink Ecom Private Limited, filed an Interlocutory Application (IA) seeking the replacement of the Interim Resolution Professional (IRP), Mr. Prabhakar Bhat, with Mr. Kamal Kishor Gurnani as the Resolution Professional (RP). The Corporate Insolvency Resolution Process (CIRP) had been initiated against Salelink Ecom Private Limited following the admission of a petition under section 9 of the IBC. The public announcement of the CIRP was made on 04.12.2019. The first CoC meeting was held on 30.12.2019, and the second on 14.01.2020, but the appointment of the RP was postponed in both meetings. The CoC comprised solely of Bank of India. The third CoC meeting was held on 26.02.2020, where the

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## Issues and analysis

### Issue 1: Whether the appointment of Mr. Kamal Kishor Gurnani as the Resolution Professional (RP) of Salelink …

**Ratio:** Section 22(2) read with 22(3)(b) of the Insolvency & Bankruptcy Code, 2016 (IBC)

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**Reasoning:** The court considered the facts and circumstances presented in the interlocutory

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**Interpretation:** Section 22 of the IBC provides the CoC with the power to decide on the

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**Application:** The court applied the provisions of Section 22 of the IBC to the facts of the

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## Parties

- **Judges:** Rajasekha…; RAJESH S…
- **Appellants:** Bank of…
- **Respondents:** SALELINK ECOM…

## Timeline

- **2019-10-22 — Order for CIRP…**: Adjudicating Authority ordered initiation of Corporate Insolvency Resolution Process…
- **2019-12-04 — Public Announcement of…**: Public announcement of…

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