# In the matter of Shree Raghuvanshi Fibers Pvt. Ltd. IA-398(AHM)2021 in CP(IB) 563 (AHM) 2019

> NCLT judgment dated 2021-06-22. Citation: TCN-2021-NCLT-01930. IA No. 398 (AHM) 2021 was filed by a Financial Creditor, Bank of Baroda, requesting the NCLT to…

- **Court:** NCLT
- **Order date:** 22 Jun 2021
- **Citation:** TCN-2021-NCLT-01930
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-raghuvanshi-fibers-pvt-ltd-ia-398ahm2021-in-cpib-563-ahm-2019-a6f8b7f7

## Summary

### Background

IA No. 398 (AHM) 2021 was filed by a Financial Creditor, Bank of Baroda, requesting the NCLT to appoint an IRP because the earlier IRP was relieved due to ill health. The original Operational Creditor did not approach the authority.

## Facts

IA No. 398 (AHM) 2021 was filed by Bank of Baroda, a financial creditor, seeking the appointment of an Interim Resolution Professional (IRP) for the Corporate Debtor. The request was made because the previous IRP was relieved of their duties due to health reasons. The original Operational Creditor did not approach the authority. The court considered the application, noting that the Corporate Insolvency Resolution Process (CIRP) is a time-bound process. Consequently, the court appointed Mr. Jaykumar Pesumal Arlani as the new IRP.

## Issues and analysis

### Issue 1: Whether a new Interim Resolution Professional (IRP) should be appointed due to the previous IRP's …

**Ratio:** The Corporate Insolvency Resolution Process (CIRP) is a time-bound process, necessitating

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**Reasoning:** The court reasoned that the previous IRP's inability to continue due to health reasons

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**Interpretation:** The interpretation of the IBC emphasizes the importance of adhering to the

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**Application:** Given that the previous IRP was relieved of their duties due to health issues,

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Manishbhai…
- **Respondents:** Shree Raghuvanshi…

## Timeline

- **2021-06-22 — Order Del…**: Order delivered on…
- **2021-01-01 — IA Filed…**: IA No. 398 (AHM) 2021 filed by…

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