# In the matter of Stone India Ltd. CA (IB) No. 961-KB-2018 in CP (IB) No. 203-KB-2018

> NCLT judgment dated 2018-10-25. Citation: TCN-2018-NCLT-00495. The case involves an application filed under Section 22(3)(b) of the I.B. Code, 2016, seeking…

- **Court:** NCLT
- **Order date:** 25 Oct 2018
- **Citation:** TCN-2018-NCLT-00495
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/stone-india-ltd-ca-ib-no-961-kb-2018-in-cp-ib-no-203-kb-2018-d8f32e38

## Summary

### Background

The case involves an application filed under Section 22(3)(b) of the I.B. Code, 2016, seeking the replacement of the interim resolution professional (IRP). The reason for the proposed replacement was the high professional fee demanded by the IRP. The Committee of Creditors (CoC) proposed Ms. Sonu Jain as the new Resolution Professional, supported by a vote share of 77.88%.

## Facts

Debashis Chakraborty initiated a Corporate Insolvency Resolution Process (CIRP) against Stone India Ltd. An Interim Resolution Professional (IRP), CA. Anil Anchalia, was appointed. However, the Committee of Creditors (CoC) found the IRP's proposed professional fees to be excessively high. Consequently, the CoC decided to propose Ms. Sonu Jain as the new Resolution Professional, with a vote share of 77.88%. The application CA No.961/KB/2018 was filed under Section 22(3)(b) of the I.B. Code, 2016, seeking the replacement of the IRP. The court heard the application and directed the outgoing IRP to hand over all records to Ms. Sonu Jain.

## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP) …

**Ratio:** Section 22(3)(b) of the I.B. Code, 2016 allows for the replacement of the IRP if deemed

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**Reasoning:** The court considered the CoC's decision, which was based on the high professional fees

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**Interpretation:** Section 22(3)(b) provides a mechanism for the CoC to ensure that the CIRP is

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**Application:** In this case, the CoC's determination that the IRP's fees were too high,

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## Parties

- **Judges:** Jinan…
- **Respondents:** Stone Indi…; Debashis Chakrabor…

## Timeline

- **2018-10-25 — Hearing…**: Hearing on the application for…
- **2018-11-26 — Progress Repor…**: Date for filing further…

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