# In the matter of SIva Industries and Holdings Ltd. MA-955-2019 in IBA-453-2019

> NCLT judgment dated 2019-09-10. Citation: TCN-2019-NCLT-01508. The case involves an application (MA/955/2019) moved by the Applicant/Financial Creditor, IDBI…

- **Court:** NCLT
- **Order date:** 10 Sept 2019
- **Citation:** TCN-2019-NCLT-01508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siva-industries-and-holdings-ltd-ma-955-2019-in-iba-453-2019-cb7a2a02

## Summary

### Background

The case involves an application (MA/955/2019) moved by the Applicant/Financial Creditor, IDBI Bank Limited, seeking the replacement of the existing Interim Resolution Professional (IRP), Mr. Savan Godiawala. The application is based on the decision made during the second meeting of the Committee of Creditors (CoC) held on August 21, 2019, where a majority of 82.71% voting share favored the appointment of Mr. Abhijit Guhathakurta as the new Resolution Professional (RP).

## Facts

IDBI Bank Limited, acting as the Applicant/Financial Creditor, initiated a motion (MA/955/2019) to replace the current Interim Resolution Professional (IRP), Mr. Savan Godiawala, for Siva Industries and Holdings Ltd. The decision to replace the IRP was based on a vote held during the second meeting of the Committee of Creditors (CoC) on August 21, 2019, where 82.71% of the voting share favored the appointment of Mr. Abhijit Guhathakurta (Regn No: IBBI/IPA-003/IP-N000103/2017-18/11158) as the new Resolution Professional (RP). The application is under Section 22(2).

## Issues and analysis

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

**Ratio:** The decision of the Committee of Creditors (CoC) holds significant weight in the

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**Reasoning:** The court acknowledges the CoC's decision-making authority and the high percentage of

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**Interpretation:** The CoC's decision, backed by a significant majority, is generally considered

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**Application:** In this specific case, the CoC's decision to replace the IRP, supported by

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## Parties

- **Judges:** B.S.V. Prakash…; SHRI.S.VIJAYARAGHA…
- **Appellants:** IDBI Bank…
- **Respondents:** SIVA INDUSTRIES…

## Timeline

- **2019-08-21 — CoC Meet…**: The second meeting of the Committee of Creditors (CoC) was held, where 82.71% of the…
- **2019-09-10 — Order Da…**: Order issued by the NCLT bench to forward the name of Mr. Abhijit Guhathakurta to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(2) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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