# In the matter of Tribhovandas Bhimji Zaveri & Sons Retail Private Limited IA No.575/MB-II/2020 in CP (IB) 2979-MB-II-2018

> NCLT judgment dated 2020-04-28. Citation: TCN-2020-NCLT-01401. The case involves an Interlocutory Application (IA) filed by Axis Bank Limited, acting on…

- **Court:** NCLT
- **Order date:** 28 Apr 2020
- **Citation:** TCN-2020-NCLT-01401
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tribhovandas-bhimji-zaveri-sons-retail-private-limited-ia-no575mb-ii2020-in-cp-i-0810ecb0

## Summary

### Background

The case involves an Interlocutory Application (IA) filed by Axis Bank Limited, acting on behalf of the Committee of Creditors (CoC) of Tribhovandas Bhimji Zaveri & Sons Retail Private Limited, seeking approval for replacing the Interim Resolution Professional (IRP), Mr. Hemant Shah, with Mr. Saurabh Tikmani as the Resolution Professional (RP) of the Corporate Debtor. The Adjudicating Authority had previously admitted a petition under section 9 of the IBC and initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, appointing Mr. Harshul Anilkant Shah as the IRP. The public announcement of the CIRP was made on 20.12.2019. Meanwhile, Mr. Hemant Zaveri challenged the admission order before the NCLAT.

## Facts

Axis Bank Limited, acting on behalf of the Committee of Creditors (CoC) of Tribhovandas Bhimji Zaveri & Sons Retail Private Limited, filed an Interlocutory Application (IA) seeking approval to replace Mr. Hemant Shah, the Interim Resolution Professional (IRP), with Mr. Saurabh Tikmani as the Resolution Professional (RP) of the Corporate Debtor. The Adjudicating Authority had previously admitted a petition under section 9 of the IBC and initiated the Corporate Insolvency Resolution Process (CIRP) against Tribhovandas Bhimji Zaveri & Sons Retail Private Limited, appointing Mr. Harshul Anilkant Shah as the IRP. The public announcement of the CIRP was made on 20.12.2019. Mr. Hemant Zaveri challenged the admission order before the NCLAT. The CoC resolved to appoint

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## Issues and analysis

### Issue 1: Whether the appointment of Mr. Saurabh Tikmani as the Resolution Professional (RP) in place of the …

**Ratio:** The appointment of a Resolution Professional (RP) is subject to the approval of the

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**Reasoning:** The court considered the resolution passed by the CoC to appoint Mr. Saurabh Tikmani as

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**Interpretation:** Section 22(2) and 22(3)(b) of the Insolvency & Bankruptcy Code, 2016 (IBC)

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**Application:** In this case, the CoC had resolved to appoint Mr. Saurabh Tikmani as the RP,

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Axis Bank L…
- **Respondents:** Tribhovandas…
- **Advocates:** Ayush Aga…

## Timeline

- **2019-12-16 — Order by Adjudicating…**: The Adjudicating Authority admitted the petition filed under section 9 of the IBC and…
- **2019-12-20 — Public Announcement of…**: Public announcement of the CIRP was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(2) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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