# In the matter of Arshiya Limited

> NCLT judgment dated 2024-09-25. Citation: TCN-2024-NCLT-00540. The case involves an application for the replacement of the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 25 Sept 2024
- **Citation:** TCN-2024-NCLT-00540
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arshiya-limited-aa251c5e

## Summary

### Background

The case involves an application for the replacement of the Interim Resolution Professional (IRP) for M/s Arshiya Limited/Corporate Debtor. The applicant sought to replace Mr. Nitin Panchal with Mr. Pankaj Mahajan as the Resolution Professional (RP).

## Facts

The applicant filed an application to replace the Interim Resolution Professional (IRP) Mr. Nitin Panchal with Mr. Pankaj Mahajan as the Resolution Professional (RP) for the Corporate Debtor M/s Arshiya Limited. A Committee of Creditors (CoC) meeting was held on August 8, 2024, where the appointment of Mr. Pankaj Mahajan was discussed. The CoC approved the appointment of Mr. Pankaj Mahajan with 87.24% votes in favor. The email dated August 7, 2024, from the lead CoC member, EARC, proposed the appointment of Mr. Pankaj Mahajan. The court considered the application and the CoC's approval.

## Issues and analysis

### Issue 1: Whether the application for replacement of the Interim Resolution Professional with the proposed …

**Ratio:** The court has the power to approve the replacement of an IRP with a RP based on the CoC's

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**Reasoning:** The CoC, representing the financial creditors, approved the appointment of Mr. Pankaj

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**Interpretation:** The legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** The CoC's approval with 87.24% votes in favor of Mr. Pankaj Mahajan's

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## Parties

- **Judges:** SH. PRABHAT…; SH. KULDIP KUMAR…
- **Appellants:** Punjab National…
- **Respondents:** Arshiya L…

## Timeline

- **2024-08-07 — Email fro…**: Email dated August 7, 2024, from the lead CoC member, EARC, proposing the appointment of…
- **2024-08-08 — CoC Meet…**: The 1st CoC meeting was conducted on August 8, 2024, where the appointment of Mr. Pankaj…

## 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)

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