# In the matter of Dnyanyogi Shri Shivkumar Swamiji Sugars Ltd. I.A. No. 174 of 2022 in CP(IB) No. 09-BB-2022

> NCLT judgment dated 2022-05-30. Citation: TCN-2022-NCLT-02536. The case involves an application (I.A No.174 of 2022) filed by the Committee of Creditors (CoC)…

- **Court:** NCLT
- **Order date:** 30 May 2022
- **Citation:** TCN-2022-NCLT-02536
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dnyanyogi-shri-shivkumar-swamiji-sugars-ltd-ia-no-174-of-2022-in-cpib-no-09-bb-2-576639d2

## Summary

### Background

The case involves an application (I.A No.174 of 2022) filed by the Committee of Creditors (CoC) of M/s. Dnyayogi Shri Shivakumar Swamiji Sugars Ltd. under Section 22(3)(b) and 60(5) of the IBC, 2016, seeking the replacement of the Interim Resolution Professional (IRP), Mrs. Pavitra Vyas, with Mr. Shivadutt Bannanje as the Resolution Professional (RP). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 07.03.2022, and Mrs. Pavitra Vyas was appointed as the IRP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Dnyayogi Shri Shivakumar Swamiji Sugars Ltd. via an order dated 07.03.2022, with Mrs. Pavitra Vyas appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) convened its first meeting on 06.04.2022, where a resolution to reject the continuation of Mrs. Pavitra Vyas as the RP was passed with 72.72% voting share. Subsequently, in its second meeting on 25.04.2022, the CoC, with 72.22% voting share, resolved to appoint Mr. Shivadutt Bannanje as the Resolution Professional (RP). The application (I.A No.174 of 2022) was filed seeking the replacement of the IRP with Mr. Shivadutt Bannanje. Form AA, containing the written consent of Mr. Shivadutt Bannanje, was also

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) has the authority to replace the Interim Resolution …

**Ratio:** The CoC has the authority to appoint any qualified Resolution Professional as RP to

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**Reasoning:** The court stated that it is settled law that the CoC can appoint any qualified Resolution

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**Interpretation:** This means that the Insolvency and Bankruptcy Code (IBC) grants the CoC the

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**Application:** The CoC, being the primary decision-making body in the CIRP, can decide to

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Sharanappa…
- **Respondents:** Dnyayogi Shri…; M/s. Dnyayogi…
- **Advocates:** Devraj…; Y Suryana…

## Timeline

- **2022-03-07 — CIRP Init…**: The Adjudicating Authority initiated the CIRP against the Corporate Debtor by admitting…
- **2022-04-06 — CoC 1st M…**: The CoC in its 1st meeting held on 06.04.2022 with 72.72% voting share resolved to reject…

## 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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