# In the matter of AG8 Ventures Ltd. CP(IB)-26(MP)2022

> NCLT judgment dated 2022-08-11. Citation: TCN-2022-NCLT-01388. The application was filed by the Operational Creditor, D.B. Corp. Ltd, under Rule 154 r.w. Rule…

- **Court:** NCLT
- **Order date:** 11 Aug 2022
- **Citation:** TCN-2022-NCLT-01388
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ag8-ventures-ltd-cpib-26mp2022-486925d4

## Summary

### Background

The application was filed by the Operational Creditor, D.B. Corp. Ltd, under Rule 154 r.w. Rule 11 of the NCLT Rules, 2016, for substituting the name of the IRP. The initial IRP, Ishwar Lal Kalantri, was mistakenly appointed. The Operational Creditor proposed Anil Goel as the substitute IRP.

## Facts

D.B. Corp. Ltd, the Operational Creditor, filed an application to substitute the initially appointed IRP, Ishwar Lal Kalantri, due to a mistaken appointment. The application was made under Rule 154 r.w. Rule 11 of the NCLT Rules, 2016. The Operational Creditor proposed Anil Goel as the substitute IRP. The Adjudicating Authority had mistakenly appointed Ishwar Lal Kalantri via an order dated 05.08.2022. The Corporate Debtor is AG8 Ventures Ltd. The court allowed the application and appointed Anil Goel as the IRP, with the CIRP commencing from the date of the order.

## Issues and analysis

### Issue 1: Whether the application for substitution of the Interim Resolution Professional (IRP) should be …

**Ratio:** Rule 154 r.w. Rule 11 of the NCLT Rules, 2016 allows for the substitution of an IRP if

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**Reasoning:** The court acknowledged that the initial appointment of Ishwar Lal Kalantri was a mistake

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**Interpretation:** The interpretation of Rule 154 r.w. Rule 11 of the NCLT Rules, 2016 permits the

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**Application:** The court applied the rule by allowing the substitution of Ishwar Lal Kalantri,

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** DB Corp…
- **Respondents:** AG8 Ventur…
- **Advocates:** Praveen N.…; Yogesh He…

## Timeline

- **2022-08-05 — Mistaken Appo…**: Adjudicating Authority mistakenly…
- **2022-08-11 — Order Del…**: Court allowed the application and appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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