# In the matter of Swain Aluminium Private Limited CP (IB) No. 168-CTB-2019

> NCLT judgment dated 2020-07-15. Citation: TCN-2020-NCLT-01035. The case involves an application under Section 27 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 15 Jul 2020
- **Citation:** TCN-2020-NCLT-01035
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swain-aluminium-private-limited-cp-ib-no-168-ctb-2019-0033c526

## Summary

### Background

The case involves an application under Section 27 of the Insolvency and Bankruptcy Code, 2016, and another application under Section 10 of the same code read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The corporate applicant, Swain Aluminium Private Limited, initiated Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) filed an application under section 22 (3) (b) of the Code for the replacement of the Interim Resolution Professional (IRP), Mr. Saradindu Jena, with Mr. Binay Kumar Singhania.

## Facts

Swain Aluminium Private Limited is the corporate debtor. An application under Section 10 of the Insolvency and Bankruptcy Code was filed by the corporate applicant and CIRP was initiated against Swain Aluminium Private Limited. Mr. Saradindu Jena was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) resolved to replace Mr. Saradindu Jena with Mr. Binay Kumar Singhania in their first meeting held on 19.03.2020. The CoC filed an application under Section 22(3)(b) of the IBC for the replacement of the IRP. Mr. Saradindu Jena requested the court to consider his confirmation as the RP and for payment of his remuneration. The CoC unanimously decided to replace the existing IRP with a new RP. The written consent of Mr. Binay Kumar

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## Issues and analysis

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

**Ratio:** Section 22(3)(b) of the IB Code

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**Reasoning:** The court acknowledged the CoC's right to replace the IRP with a new Resolution

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**Interpretation:** Section 22(3)(b) grants the CoC the authority to replace the IRP, reflecting

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**Application:** The CoC's application to replace Mr. Saradindu Jena with Mr. Binay Kumar

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## Parties

- **Judges:** Jinan…
- **Appellants:** Indian Overseas…
- **Respondents:** Swain Aluminium…
- **Advocates:** Umesh Chandra…

## Timeline

- **2020-02-20 — Order for CIRP…**: The Adjudicating Authority allowed the application under section 10 of the Code and…
- **2020-03-19 — First Meeting of…**: The resolution to approve Mr. Saradindu Jena (IRP) was rejected by the members with 100%…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 27 — Replacement of resolution professional by…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-27)

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