# In the matter of Synew Steel Private Limited I.A. No. 314-2020 in C.P. (IB) No. -96-BB-2020

> NCLT judgment dated 2020-08-21. Citation: TCN-2020-NCLT-00810. The case involves an application (I.A. No.314 of 2020) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 21 Aug 2020
- **Citation:** TCN-2020-NCLT-00810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/synew-steel-private-limited-ia-no-314-2020-in-cp-ib-no-96-bb-2020-0f6d3fd1

## Summary

### Background

The case involves an application (I.A. No.314 of 2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code (I&B Code), 2016. The CIRP was initiated for Synew Steel Private Limited. The initial Interim Resolution Professional (IRP), Mrs. Tanuja Jalan, expressed her inability to continue due to health reasons and the pandemic, withdrawing her consent. The applicant then proposed Mr. Mandar Shrikant Wagh as the new IRP.

## Facts

M/s. Synew Steel Private Limited filed a Company Petition (CP (IB) No.96/BB/2020) under Section 10 of the I&B Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority initiated the CIRP and appointed Mrs. Tanuja Jalan as the Interim Resolution Professional (IRP). Mrs. Jalan subsequently withdrew her consent to act as IRP due to health issues and the pandemic. The Corporate Applicant then filed I.A. No.314 of 2020, proposing Mr. Mandar Shrikant Wagh as the new IRP. Mr. Wagh submitted his written consent and affidavit. The court considered the withdrawal of consent by the existing IRP and the consent of the proposed IRP.

## Issues and analysis

### Issue 1: Whether the existing Interim Resolution Professional (IRP) can be replaced due to withdrawal of …

**Ratio:** Rule 11 of the NCLT Rules, 2016, provides the court with the power to exercise its

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**Reasoning:** The court reasoned that the existing IRP, Mrs. Tanuja Jalan, had expressed her inability

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**Interpretation:** The interpretation is that when an appointed IRP expresses inability to

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**Application:** The court applied this principle by acknowledging Mrs. Jalan's withdrawal of

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Synew Steel…
- **Respondents:** Synew Steel Pvt…
- **Advocates:** Akshay P…; Narendra…

## Timeline

- **2020-06-30 — CIRP Init…**: The Adjudicating Authority initiated the CIRP in respect of Synew Steel Private Limited…
- **2020-07-10 — Withdrawal of…**: Mrs. Tanuja Jalan expressed her inability to act as an IRP and withdrew her consent due…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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