# In the matter of UT Limited C.P. (IB) 1312-KB-2019

> NCLT judgment dated 2020-07-24. Citation: TCN-2020-NCLT-00975. An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by…

- **Court:** NCLT
- **Order date:** 24 Jul 2020
- **Citation:** TCN-2020-NCLT-00975
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ut-limited-cp-ib-1312-kb-2019-5ec90564

## Summary

### Background

An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Vinnarasi Industries (Financial Creditor) against UT LTD (Corporate Debtor). The application was admitted, and CIRP commenced on February 28, 2020. A moratorium was declared. Mr. Pranab Kumar Chakrabarty was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and formed a Committee of Creditors (CoC), with M/s Antriksh Vyapaar Ltd as the sole member holding 100% voting rights. The CoC, in its meeting on July 1, 2020, did not confirm the appointment of the IRP as RP and instead proposed Mr. Kamal Nayan Jain as the Resolution Professional (RP).

## Facts

Vinnarasi Industries, as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against UT LTD, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on February 28, 2020, and a moratorium was imposed. Mr. Pranab Kumar Chakrabarty was appointed as the Interim Resolution Professional (IRP). The IRP formed a Committee of Creditors (CoC), with M/s Antriksh Vyapaar Ltd as the sole member holding 100% voting rights. In its meeting on July 1, 2020, the CoC resolved to replace the IRP with Mr. Kamal Nayan Jain as the Resolution Professional (RP). The CoC also approved the fees for the erstwhile IRP. The CoC filed an application before the NCLT seeking approval for the appointment of the proposed RP. The

…

## Issues and analysis

### Issue 1: Whether the appointment of Mr. Kamal Nayan Jain as the Resolution Professional (RP) under Section …

**Ratio:** Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, allows the Committee of

…

**Reasoning:** The court considered the submission of the CoC's counsel that the CoC, in its meeting

…

**Interpretation:** Section 22(3)(b) provides the CoC with the authority to choose a Resolution

…

**Application:** The CoC, being the sole member with 100% voting rights, resolved to appoint Mr.

…

## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Vinnarasi…
- **Respondents:** UT L…; Pranab Kumar…

## Timeline

- **2020-02-28 — CIRP Commen…**: Corporate Insolvency Resolution…
- **2020-07-01 — CoC Meet…**: Committee of Creditors (CoC) resolved to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ut-limited-cp-ib-1312-kb-2019-5ec90564