# In the matter of Seam Industries Limited MA-1204-2019 In CP(IB)-1620-(MB)-2017

> NCLT judgment dated 2019-04-08. Citation: TCN-2019-NCLT-04058. The case involves an application for the substitution of the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 8 Apr 2019
- **Citation:** TCN-2019-NCLT-04058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/seam-industries-limited-ma-1204-2019-in-cpib-1620-mb-2017-957cbe83

## Summary

### Background

The case involves an application for the substitution of the Interim Resolution Professional (IRP) and the appointment of a new Resolution Professional (RP). The Committee of Creditors has resolved for the said substitution. The Substitution Application has not yet been served.

## Facts

The case is before the National Company Law Tribunal, Mumbai Bench. Associated Road Carriers Ltd. initiated proceedings against Seam Industries Limited under Section 7 of the Insolvency and Bankruptcy Code. An application has been filed for the substitution of the existing Interim Resolution Professional (IRP) with a new Resolution Professional (RP). The Committee of Creditors has resolved for the substitution. The Substitution Application has not yet been served to the IRP. The court is considering the application to ensure the Corporate Insolvency Resolution Process (CIRP) is not delayed. The matter is adjourned to 01.05.2019.

## Issues and analysis

### Issue 1: Whether the application for …

**Ratio:** The court will consider the application for substitution of IRP based on the law and

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**Reasoning:** The court is taking the application on record to avoid delays in the CIRP process. The

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**Interpretation:** The court interprets the IBC to allow for the substitution of IRPs when

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**Application:** The court will determine if the substitution is appropriate based on whether

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Associated Road…
- **Respondents:** Seam Industries…

## Timeline

- **2019-04-08 — Hearing…**: Hearing of Mumbai Bench of the…
- **2019-05-01 — Next Hearin…**: M.A. No. 1204/2019 shall be heard on…

## 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)

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