# In the matter of Santosh Hospitals Pvt. Ltd. MA-691-2019 in IBA-434-2019

> NCLT judgment dated 2019-07-23. Citation: TCN-2019-NCLT-02345. The case involves an application seeking the replacement of the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 23 Jul 2019
- **Citation:** TCN-2019-NCLT-02345
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/santosh-hospitals-pvt-ltd-ma-691-2019-in-iba-434-2019-a2bc1670

## Summary

### Background

The case involves an application seeking the replacement of the Interim Resolution Professional (IRP), Ms. K. Sripriya Kumar, with Ms. Deepa V Ramani. The application is based on a resolution passed by the Committee of Creditors (CoC) during its first meeting.

## Facts

The Committee of Creditors (CoC) of Muthoot Fincorp Ltd. passed a resolution in its first meeting to replace the existing Interim Resolution Professional (IRP), Ms. K. Sripriya Kumar, with Ms. Deepa V Ramani. The application for this replacement was moved before the National Company Law Tribunal (NCLT), Chennai Bench. The NCLT is considering the application and has decided to forward the name of Ms. Deepa V Ramani to the Insolvency and Bankruptcy Board of India (IBBI) for confirmation. The order specifies that the IBBI must confirm the appointment within ten days. The application number is MA/691/2019 and the petition number is IBA/434/2019. The case is being heard under Section 22(3)(b) of the IBC.

## Issues and analysis

### Issue 1: Whether the application for replacement of the Interim Resolution Professional (IRP) by the …

**Ratio:** The CoC has the authority to replace the IRP with a new Resolution Professional, subject

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**Reasoning:** The court relies on the resolution passed by the CoC in its first meeting as the basis

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**Interpretation:** The legal issue revolves around the interpretation of the IBC provisions

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**Application:** In this specific case, the CoC has passed a resolution to replace Ms. K.

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Committee of…
- **Respondents:** Muthoot Fincorp…; Santhosh Hospitals…

## Timeline

- **2019-07-23 — Hearing…**: Hearing held at 10:30 AM at the Chennai…
- **2019-07-03 — CoC Meet…**: First meeting of the Committee of Creditors (CoC) where the resolution to replace the IRP…

## 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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