# In the matter of SMR Entertainment Pvt. Ltd. IA-2464-2021 in IB-269-ND-2020

> NCLT judgment dated 2021-06-10. Citation: TCN-2021-NCLT-01991. The application IA/2464/2021 was filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 10 Jun 2021
- **Citation:** TCN-2021-NCLT-01991
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/smr-entertainment-pvt-ltd-ia-2464-2021-in-ib-269-nd-2020-75d9a25c

## Summary

### Background

The application IA/2464/2021 was filed by the Interim Resolution Professional (IRP) under Section 22(2) and 22(3)(b) of the IBC, seeking the appointment of Mr. Ashwani Kumar Saxena as a Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of SMR Entertainment Pvt Ltd. The IRP's counsel submitted an affidavit enclosing the voting result of the resolution, pursuant to an order dated 08.06.2021. The appointment of the RP under Section 22 of the IBC, 2016, had been approved by the Committee of Creditors (CoC) with 100% voting.

## Facts

Future Power Technologies Pvt Ltd filed an application against SMR Entertainment Pvt Ltd under Section 9 of the IBC. The Interim Resolution Professional (IRP) filed IA/2464/2021 seeking the appointment of Mr. Ashwani Kumar Saxena as the Resolution Professional (RP) for SMR Entertainment Pvt Ltd. The CoC approved the appointment of the RP with 100% voting. The IRP submitted an affidavit enclosing the voting result of the resolution, pursuant to an order dated 08.06.2021. The court considered the submissions and averments made in the application and the additional affidavit.

## Issues and analysis

### Issue 1: Whether Mr. Ashwani Kumar Saxena should be appointed as the Resolution Professional (RP) for SMR …

**Ratio:** Section 22 of the Insolvency and Bankruptcy Code (IBC), 2016, governs the appointment of

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**Reasoning:** The court considered the submissions made by the IRP's counsel, the averments in the

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**Interpretation:** Section 22 of the IBC emphasizes the role of the CoC in the appointment of the

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**Application:** Given the CoC's unanimous approval and the IRP's application, the court found

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Future Power…
- **Respondents:** SMR Entertainment…

## Timeline

- **2021-06-08 — Order Da…**: An order was issued, pursuant to which an affidavit enclosing the voting result of the…
- **2021-06-10 — Order Del…**: The order approving the appointment of Mr. Ashwani Kumar Saxena as the Resolution…

## 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)

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