# In the matter of Set Sanayi Elektrik-Tesisat Taahhul Ve Ticaret India Pvt. Ltd. IA-4793-2021 in IB-2640-ND-2019

> NCLT judgment dated 2021-10-25. Citation: TCN-2021-NCLT-00705. The applicant filed an application to replace the Interim Resolution Professional (IRP) Mr.…

- **Court:** NCLT
- **Order date:** 25 Oct 2021
- **Citation:** TCN-2021-NCLT-00705
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/set-sanayi-elektrik-tesisat-taahhul-ve-ticaret-india-pvt-ltd-ia-4793-2021-in-ib-5a3331d4

## Summary

### Background

The applicant filed an application to replace the Interim Resolution Professional (IRP) Mr. Kedaram Ladha with Mr. Lokesh Khadaria. Mr. Kedaram Ladha had initially given his consent to act as an IRP, but he withdrew his consent during the pendency of the application. Despite the withdrawal, Mr. Ladha was appointed as IRP vide order dated 2021-10-12. The petitioner then proposed Mr. Lokesh Khadaria, who has also consented to act as IRP and is listed as a Resolution Professional (RP) with the IBBI.

## Facts

Madras Steel & Tubes filed an application under Section 9 of the IBC to initiate a corporate insolvency resolution process against Set Sanayi Elektrik-Tesisat Taahhul Ve Ticaret India Pvt. Ltd. During the process, the applicant sought to replace the initially appointed Interim Resolution Professional (IRP), Mr. Kedaram Ladha, with Mr. Lokesh Khadaria. Mr. Ladha had withdrawn his consent to act as IRP after initially consenting. The tribunal had already appointed Mr. Ladha as IRP on 2021-10-12, unaware of the withdrawal of consent. Mr. Khadaria has given his consent to act as IRP and is listed with the IBBI.

## Issues and analysis

### Issue 1: Whether the tribunal can replace an appointed Interim Resolution Professional (IRP) who has …

**Ratio:** An IRP's role is contingent upon their consent and willingness to act. Withdrawal of

…

**Reasoning:** The court reasoned that since Mr. Kedaram Ladha had withdrawn his consent, his

…

**Interpretation:** The interpretation is that the consent of the IRP is crucial for their

…

**Application:** Since Mr. Ladha withdrew his consent, the tribunal applied the principle that a

…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** Madras Steel &…
- **Respondents:** Set Sanayi…

## Timeline

- **2021-10-12 — Order for IRP…**: Mr. Kedaram Ladha was…
- **2021-10-25 — Order for IRP…**: Mr. Kedaram Ladha was replaced…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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/set-sanayi-elektrik-tesisat-taahhul-ve-ticaret-india-pvt-ltd-ia-4793-2021-in-ib-5a3331d4