# In the matter of Anmol Steel Processors Private Limited

> NCLT judgment dated 2024-08-13. Citation: TCN-2024-NCLT-00819. The case involves an Interlocutory Application (IA 3924/2024) filed in a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 13 Aug 2024
- **Citation:** TCN-2024-NCLT-00819
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anmol-steel-processors-private-limited-2bb8b107

## Summary

### Background

The case involves an Interlocutory Application (IA 3924/2024) filed in a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The applicant, Bank of Baroda, sought the replacement of the existing Interim Resolution Professional (IRP), Mr. Vishnu Kant Kabra, with Mrs. Megha Agrawal as the Resolution Professional for the Corporate Applicant, Anmol Steel Processors Private Limited. The Committee of Creditors (CoC) had resolved to appoint Mrs. Agrawal.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Anmol Steel Processors Private Limited. Mr. Vishnu Kant Kabra was initially appointed as the Interim Resolution Professional (IRP). Bank of Baroda, a secured financial creditor with a claim of Rs. 136,82,46,565/- as of 19.03.2024 and 61.56% voting rights, filed an application to replace Mr. Kabra with Mrs. Megha Agrawal as the Resolution Professional. The Committee of Creditors (CoC), comprising Bank of Baroda and State Bank of India, was duly constituted on 5th April 2024. The CoC unanimously resolved to appoint Mrs. Megha Agrawal as the Resolution Professional in their meeting held on 19.06.2024. Mrs. Agrawal also provided her consent to act as the Resolution Professional. The IRP had made a

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application seeking the replacement of the Interim Resolution …

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

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**Reasoning:** The court considered the submissions and perused the averments made in the Interlocutory

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**Interpretation:** Section 22(3)(b) provides the CoC with the power to replace the IRP with a RP,

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**Application:** In this case, the CoC had unanimously resolved to appoint Mrs. Megha Agrawal as

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Bank of B…
- **Respondents:** Anmol Steel…

## Timeline

- **2024-04-05 — CoC Consti…**: The Committee of Creditors (CoC) was duly constituted, comprising Bank of Baroda and…
- **2024-03-19 — Claim Am…**: Bank of Baroda's claim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22 — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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