# In the matter of Warana Dairy and Agro Industries Ltd.  IA 2795-2021 In C.P. (IB)-477(MB)2020

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04494. The case involves an application (IA-2795/2021) filed by the Committee of Creditors (CoC) for…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04494
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/warana-dairy-and-agro-industries-ltd-ia-2795-2021-in-cp-ib-477mb2020-5880ef3e

## Summary

### Background

The case involves an application (IA-2795/2021) filed by the Committee of Creditors (CoC) for the replacement of the Interim Resolution Professional (IRP), Mr. Rakesh Bothra, with Mr. Vivek Murlidhar Dabhade as the Resolution Professional (RP).

## Facts

The Punjab National Bank International Limited initiated a corporate insolvency resolution process against Warana Dairy and Agro Industries Limited. An application, IA-2795/2021, was filed by the Committee of Creditors (CoC) seeking the replacement of the Interim Resolution Professional (IRP) Mr. Rakesh Bothra with Mr. Vivek Murlidhar Dabhade as the Resolution Professional (RP). The CoC passed a resolution in its first meeting held on 02.11.2021, with the required majority, approving the substitution. Mr. Pradnyesh Sabnis, Ld. Counsel appeared for the Applicant and Mr. Rakesh Bothra, the IRP, was present in person.

## Issues and analysis

### Issue 1: Whether the application (IA-2795/2021) filed by the CoC for the replacement of the Interim …

**Ratio:** The CoC has the authority to propose the replacement of the IRP with a Resolution

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**Reasoning:** The court considered the application filed by the CoC and the resolution passed by the

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**Interpretation:** The legal interpretation involves understanding the powers and responsibilities

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**Application:** The court applied the principle that the CoC's decision, when supported by the

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## Parties

- **Judges:** RAJESH S…; KISHORE VEMULAPALL…
- **Appellants:** Punjab National…
- **Respondents:** Warana Dairy and…

## Timeline

- **2021-11-02 — CoC Meet…**: The Committee of Creditors (CoC) held its first meeting and passed a resolution for the…
- **2021-01-01 — Application…**: IA-2795/2021 was filed by the CoC for replacement of IRP Mr. Rakesh Bothra with RP Mr.…

## 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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