# In the matter of Dunlop Polymers Pvt. Ltd.

> NCLT judgment dated 2024-01-23. Citation: TCN-2024-NCLT-02962. Canara Bank filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 23 Jan 2024
- **Citation:** TCN-2024-NCLT-02962
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dunlop-polymers-pvt-ltd-9350b698

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Dunlop Polymers Pvt. Ltd. The Tribunal previously appointed Mr. G.S. Narasimha Prasad as the Interim Resolution Professional (IRP) for the Corporate Debtor. However, Mr. Prasad expressed his inability to take up the assignment.

## Facts

Canara Bank initiated insolvency proceedings against Dunlop Polymers Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The NCLT initially appointed Mr. G.S. Narasimha Prasad as the IRP. However, Mr. Prasad declined the assignment via email dated 2023-11-22. Subsequently, Canara Bank filed a memo on 2024-01-09 seeking the appointment of Mr. M.V. Sudarshan as the new IRP. The NCLT then appointed Mr. M.V. Sudarshan as the new IRP, replacing Mr. G.S. Narasimha Prasad. Mr. Sudarshan's contact details are provided, including his IP registration number, mobile number, and email address. The new IRP is required to submit a Consent Affidavit and AFA within one week of receiving the order.

## Issues and analysis

### Issue 1: Whether Mr. M.V. Sudarshan should be appointed as the new Interim Resolution Professional (IRP) for …

**Ratio:** The Tribunal has the authority to appoint an IRP under Section 7 of the Insolvency and

…

**Reasoning:** The previous IRP, Mr. G.S. Narasimha Prasad, expressed his inability to take up the

…

**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate corporate

…

**Application:** Given that Mr. G.S. Narasimha Prasad declined the assignment, and Canara Bank

…

## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** M/s. Miller…
- **Respondents:** M/s.Dunlop…

## Timeline

- **2022-12-07 — Previous Tribu…**: Tribunal passed an order in IA No.575 of 2022 appointing Mr. G.S. Narasimha Prasad as the…
- **2023-11-22 — IRP Inab…**: Mr. G.S. Narasimha Prasad sent an email to the Registrar, NCLT Bengaluru, expressing his…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dunlop-polymers-pvt-ltd-9350b698