# 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-01398. This case involves an Interlocutory Application (IA) filed by Axis Bank Limited, acting on…

- **Court:** NCLT
- **Order date:** 28 Apr 2020
- **Citation:** TCN-2020-NCLT-01398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tribhovandas-bhimji-zaveri-sons-retail-private-limited-ia-no575mb-ii2020-in-cp-i-6a24aa53

## Summary

### Background

This 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. A public announcement of the CIRP was made, and the CoC was duly constituted with Axis Bank Limited as the sole financial creditor. Mr. Hemant Zaveri challenged the

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## 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 for replacing 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 admitted a petition under section 9 of the Insolvency and Bankruptcy Code (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. A public announcement of the CIRP was made. The Committee of Creditors (CoC) was duly constituted with Axis Bank Limited as the

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## Issues and analysis

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

**Ratio:** The court must consider the facts and circumstances presented in the interlocutory

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**Reasoning:** The court considered the resolution passed by the Committee of Creditors (CoC) to appoint

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**Interpretation:** The legal issue revolves around the procedural requirements and the

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**Application:** The court applied the ratio by considering the CoC's resolution, Mr. Tikmani's

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Axis Bank L…
- **Respondents:** Tribhovandas…

## 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 duly made under section 13 of the IBC read with…

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