# In the matter of Solo Metals Pvt. Ltd. CP(IB)2013-2019

> NCLT judgment dated 2020-05-11. Citation: TCN-2020-NCLT-01366. The case involves an application related to corporate insolvency proceedings. The Committee of…

- **Court:** NCLT
- **Order date:** 11 May 2020
- **Citation:** TCN-2020-NCLT-01366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/solo-metals-pvt-ltd-cpib2013-2019-af73b820

## Summary

### Background

The case involves an application related to corporate insolvency proceedings. The Committee of Creditors (CoC) passed a resolution on April 18, 2020, to replace the Interim Resolution Professional (IRP) with Mr. Ashok Kumar Dewan. The application was moved before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, sitting in Chennai.

## Facts

The Committee of Creditors (CoC) of M/s.Solo Metals Pvt. Ltd. passed a resolution on April 18, 2020, to replace the existing Interim Resolution Professional (IRP), Mr. Navjit Singh, with Mr. Ashok Kumar Dewan. The application was presented before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, which was sitting in Chennai. The NCLT is now forwarding the name of Mr. Ashok Kumar Dewan to the Insolvency and Bankruptcy Board of India (IBBI) for confirmation. The case is under Section 22(3) of the Insolvency and Bankruptcy Code (IBC), 2016. The Registry is directed to communicate the order to IBBI for confirmation. The matter was listed for further hearing on May 20, 2020.

## Issues and analysis

### Issue 1: Whether the resolution passed by the Committee of Creditors (CoC) for the replacement of the …

**Ratio:** The ratio is based on the provisions of the IBC, 2016, specifically Section 22(3), which

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**Reasoning:** The court's reasoning is based on the CoC's decision to replace the IRP, which is within

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**Interpretation:** The interpretation involves understanding the powers and responsibilities of

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** B.S.V. Prakash…
- **Appellants:** CoC – M/s.Solo…
- **Respondents:** M/s.Solo Metals…; Mr.Yogesh…

## Timeline

- **2020-04-18 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution for the replacement of the Interim…
- **2020-05-11 — NCLT Hea…**: Hearing held on the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(3) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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