# In the matter of Siddharth Tubes Ltd. IA 202-2019 in C.P. (IB) No. 67-NCLT-AHM-2018

> NCLT judgment dated 2019-06-12. Citation: TCN-2019-NCLT-02954. The case involves an application (IA 202/2019) in conjunction with a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 12 Jun 2019
- **Citation:** TCN-2019-NCLT-02954
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siddharth-tubes-ltd-ia-202-2019-in-cp-ib-no-67-nclt-ahm-2018-6cbf11c5

## Summary

### Background

The case involves an application (IA 202/2019) in conjunction with a Corporate Insolvency Resolution Process (CIRP) case (C.P. (I.B) No. 67/NCLT/AHM/2018) before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The application pertains to the replacement of the Interim Resolution Professional (IRP).

## Facts

Asset Reconstruction Company (India) Ltd.(ARCIL) is undergoing Corporate Insolvency Resolution Process (CIRP). An application, IA 202/2019, was filed in relation to the CIRP case C.P. (I.B) No. 67/NCLT/AHM/2018, seeking the replacement of the Interim Resolution Professional (IRP). The IBBI has confirmed the replacement of the IRP with Mr. Rajesh Jhunjhunwala, RP. The previous IRP's lawyer has no objection to the replacement, provided the dues are paid. The breakup of the dues is given in the affidavit. The Committee of Creditors is expected to consider the expenses filed by the erstwhile IRP on the constitution of the Committee of Creditors. The IRP is directed to transfer all the information and records to the RP within a week, so approved by the IBBI.

## Issues and analysis

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

**Ratio:** The IBBI's confirmation for the replacement of the IRP and the outgoing IRP's

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**Reasoning:** The court relies on the IBBI's confirmation, indicating regulatory approval for the

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**Interpretation:** The IBBI's role in overseeing and approving IRP replacements is crucial for

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**Application:** Given the IBBI's confirmation and the outgoing IRP's conditional no-objection,

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Amresh S…

## Timeline

- **2019-06-12 — Hearing of Ahmedabad…**: Hearing of Ahmedabad Bench of the…
- **2019-06-12 — Order Da…**: Order issued by the…

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