# In the matter of VIL Ltd. (IB)-1581(PB)-2018

> NCLT judgment dated 2019-05-31. Citation: TCN-2019-NCLT-03099. The application CA-1003(PB)/2019 was filed under Section 22(3)(b) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 31 May 2019
- **Citation:** TCN-2019-NCLT-03099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vil-ltd-ib-1581pb-2018-9435e9a5

## Summary

### Background

The application CA-1003(PB)/2019 was filed under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016, seeking the appointment of Mr. Sudarshan Gupta as the Resolution Professional, replacing Mr. Vijender Sharma. The Committee of Creditors (CoC) passed a resolution on 2019-05-01 (agenda Item No. B-1) to this effect. The CoC did not approve the continuation of Mr. Vijender Sharma, with 93.42% voting share against his continuation. Mr. Sudarshan Gupta was approved as the Resolution Professional with a professional fee of Rs. 4,00,000/- per month, supported by 78.11% voting share, meeting the required threshold of 66%.

## Facts

ICICI Bank Ltd. filed an application to replace the existing Interim Resolution Professional (IRP), Mr. Vijender Sharma, with Mr. Sudarshan Gupta. The application was made under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016. The Committee of Creditors (CoC) had resolved on 2019-05-01 to replace Mr. Sharma. The CoC's decision to replace Mr. Sharma was supported by a 93.42% voting share. Mr. Gupta's appointment was approved with a 78.11% voting share, and his professional fees were set at Rs. 4,00,000 per month. The earlier IRP, Mr. Vijender Sharma, raised no objection to the appointment of Mr. Gupta. However, there were adverse remarks made against Mr. Sharma in the application. The counsel for the CoC withdrew these adverse remarks. The CoC was ordered

…

## Issues and analysis

### Issue 1: Whether Mr. Sudarshan Gupta should be appointed as the Resolution Professional, replacing Mr. …

**Ratio:** The decision of the Committee of Creditors (CoC) regarding the appointment of a

…

**Reasoning:** The CoC, with a significant majority (78.11% voting share), approved the appointment of

…

**Interpretation:** Section 22(2) of the Insolvency & Bankruptcy Code, 2016, outlines the

…

**Application:** The court applied the principle of deference to the CoC's decision, given that

…

## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** ICICI Ban…
- **Respondents:** VIL L…
- **Advocates:** Anand Shank…; MD.…; +3 more

## Timeline

- **2019-05-01 — CoC Resol…**: The Committee of Creditors passed a resolution to replace Mr. Vijender Sharma with Mr.…
- **2019-05-31 — Order Del…**: The order was delivered on 2019-05-31, approving the appointment of Mr. Sudarshan Gupta…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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/vil-ltd-ib-1581pb-2018-9435e9a5