# In the matter of Unishire Regency park LLP I.A. No. 329 & 342 of 2020 in C.P. (IB)No. 229-BB-2019

> NCLT judgment dated 2021-02-15. Citation: TCN-2021-NCLT-03052. I.A.No.329 of 2020 was filed by the Interim Resolution Professional (IRP) seeking confirmation…

- **Court:** NCLT
- **Order date:** 15 Feb 2021
- **Citation:** TCN-2021-NCLT-03052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unishire-regency-park-llp-ia-no-329-342-of-2020-in-cp-ibno-229-bb-2019-8e323546

## Summary

### Background

I.A.No.329 of 2020 was filed by the Interim Resolution Professional (IRP) seeking confirmation of the proposed Resolution Professional (RP) and his own discharge. I.A.No.342 of 2020 was filed by IIFL Finance Limited seeking to declare actions taken by the IRP, including the constitution of the CoC and appointment of the RP, as null and void.

## Facts

C.P.(IB)No.229/BB/2019, filed by India Infoline Finance Limited, was admitted by the Adjudicating Authority on May 29, 2020, initiating CIRP against the Corporate Debtor. Mr. V.S.Varun was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on June 5, 2020, inviting claims from creditors by June 18, 2020. This process led to the provisional admission of claims from Nippon Life India AIF Management Limited and India Infoline Finance Limited. The IRP constituted the First Committee of Creditors (CoC) based on the received and collated claims, as per Section 21 of the IBC, 2016. Nippon Life India AIF Management Limited held 95.82% of the voting rights, and India Infoline Finance Limited held 4.18%. The IRP stated that due to the

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## Issues and analysis

### Issue 1: Whether the proposed Resolution Professional, Mr. BaladyShekar Shetty, should be confirmed as the …

**Ratio:** The NCLT approved the appointment of the proposed Resolution Professional, Mr.

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**Reasoning:** The CoC, with 94% voting share, proposed Mr. BaladyShekar Shetty as the Resolution

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**Interpretation:** The NCLT interpreted Sections 22(2) and 22(3)(b) of the IBC, 2016, and

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**Application:** Despite concerns about the IRP's casual approach to claim verification, the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…; +2 more
- **Appellants:** IIFL FINANCE…
- **Respondents:** Unishire Regency…; V.S.V…; +1 more
- **Advocates:** For the Applicant/…; For the Applicant…; +2 more

## Timeline

- **May 29, 2020 — CIRP Init…**: C.P.(IB)No.229/BB/2019 filed by India Infoline Finance Limited was admitted, initiating…
- **June 5, 2020 — Public Annou…**: The IRP made a public announcement about the commencement of CIRP, calling for claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(3) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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