# In the matter of Avail Holding Limited

> NCLT judgment dated 2024-05-06. Citation: TCN-2024-NCLT-01431. The case involves a resolution passed by the Committee of Creditors (CoC) to replace the…

- **Court:** NCLT
- **Order date:** 6 May 2024
- **Citation:** TCN-2024-NCLT-01431
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/avail-holding-limited-5385b478

## Summary

### Background

The case involves a resolution passed by the Committee of Creditors (CoC) to replace the Interim Resolution Professional (IRP) Mr. Parveen Bansal with Mr. Satyendrea Sharma. The CoC resolution was put to vote, but it was rejected by the committee with a 100% vote share. The Chairman of the CoC informed the members that Utsav Securities, a financial creditor of the Corporate Debtor, proposed Mr. Satyendra Sharma as an insolvency professional. The CoC deliberated on the appointment of a Resolution Professional and placed a resolution for physical voting.

## Facts

M/s. VA Realcon Pvt Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) passed a resolution on 2024-03-09 to replace the Interim Resolution Professional (IRP) Mr. Parveen Bansal with Mr. Satyendrea Sharma. The resolution was put to vote, but it was rejected by the committee with a 100% vote share. Utsav Securities, a financial creditor of the Corporate Debtor Avail Holding Private Limited, proposed Mr. Satyendra Sharma as an insolvency professional via email dated 2024-02-28. The CoC deliberated on the appointment of a Resolution Professional and placed a resolution for physical voting. The IRP's counsel raised the issue of non-payment of fees. The CoC's counsel assured that the fees would be

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can confirm the appointment of a Resolution Professional …

**Ratio:** Section 22(3) of the IBC, 2016, allows the Committee of Creditors to resolve to replace

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**Reasoning:** The court reasoned that the CoC has the power to replace the IRP, and the Adjudicating

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**Interpretation:** Section 22(3) of the IBC grants the CoC the authority to replace the IRP,

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**Application:** In this case, the Adjudicating Authority confirmed the appointment of Mr.

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## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Appellants:** VA Realcon Pvt…
- **Respondents:** Avail Holding…; Avail Holdi…

## Timeline

- **2024-03-09 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution to replace the Interim Resolution…
- **2024-02-28 — Proposal…**: Utsav Securities proposed Mr. Satyendra Sharma…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 23(2) — Resolution professional to conduct corporate…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-23)

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