# In the matter of Aanchal Ispat Ltd.

> NCLT judgment dated 2023-11-15. Citation: TCN-2023-NCLT-00737. The case involves an application (IA(IBC)/1867(KB)2023) filed by the Committee of Creditors…

- **Court:** NCLT
- **Order date:** 15 Nov 2023
- **Citation:** TCN-2023-NCLT-00737
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aanchal-ispat-ltd-9a2afbc3

## Summary

### Background

The case involves an application (IA(IBC)/1867(KB)2023) filed by the Committee of Creditors (CoC) of Aanchal Ispat Ltd., the Corporate Debtor, seeking the appointment of Mr. Santanu Brahma as the Resolution Professional (RP) in place of the Interim Resolution Professional (IRP), Mr. Sriram Mittal. The Corporate Insolvency Resolution Process (CIRP) was initiated against Aanchal Ispat Limited based on a petition filed by Aldous Commodities Private Limited, an Operational Creditor, as per an order dated 12/09/2023.

## Facts

Aldous Commodities Private Limited, an Operational Creditor, filed a petition that led to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Aanchal Ispat Limited. Mr. Sriram Mittal was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) of Aanchal Ispat Ltd. convened and, in its first meeting held on 11/10/2023, passed a resolution with 100% voting share to replace Mr. Sriram Mittal with Mr. Shantanu Brahma as the Resolution Professional (RP). Mr. Shantanu Brahma provided his consent to act as the RP. The CoC then filed an application (IA(IBC)/1867(KB)2023) before the Adjudicating Authority seeking the appointment of Mr. Shantanu Brahma as the RP. The application was supported by an affidavit

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## Issues and analysis

### Issue 1: Whether the application filed by the Committee of Creditors for the appointment of Mr. Shantanu …

**Ratio:** The Committee of Creditors has the authority to appoint a Resolution Professional in

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**Reasoning:** The Adjudicating Authority considered the application, the documents attached, and the

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**Interpretation:** Section 27 of the Insolvency and Bankruptcy Code, 2016, allows the Committee of

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**Application:** The CoC followed the procedure outlined in Section 27 of the IBC-2016 by

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** Committee of…
- **Respondents:** Aanchal Isp…; Sriram M…

## Timeline

- **2023-09-12 — Order for CIRP…**: The Adjudicating Authority ordered the initiation of CIRP against Aanchal Ispat Limited…
- **2023-10-10 — Consent from Shantanu…**: Mr. Shantanu Brahma gave his consent to…

## 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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