# In the matter of Futuristics Metal Trading Private Limited

> NCLT judgment dated 2024-12-03. Citation: TCN-2024-NCLT-00104. The case involves an application filed by Mr. Mukesh Kumar Jain, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 3 Dec 2024
- **Citation:** TCN-2024-NCLT-00104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/futuristics-metal-trading-private-limited-5c38209d

## Summary

### Background

The case involves an application filed by Mr. Mukesh Kumar Jain, the Interim Resolution Professional (IRP) of Futuristics Metal Trading Pvt. Ltd. ('Corporate Debtor'), seeking to be relieved from his duties due to personal reasons, specifically the need to care for his ailing father. The Corporate Insolvency Resolution Process (CIRP) against Futuristics Metal Trading Pvt. Ltd. was initiated on 2024-07-02 based on an application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, and Chiranjib Chakraborty was initially appointed as the IRP. Mr. Mukesh Kumar Jain was later appointed as IRP on 2024-10-04.

## Facts

On 2024-07-02, the Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against M/s Futuristics Metal Trading Pvt. Ltd. ('Corporate Debtor') based on an application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. Chiranjib Chakraborty was initially appointed as the Interim Resolution Professional (IRP). On 2024-10-04, Mr. Mukesh Kumar Jain was appointed as the IRP. Mr. Jain filed an application seeking to be relieved from his duties as IRP because he is 58 years old and needs to care for his 83-year-old father who suffers from dementia and requires frequent travel to Jaipur for medical care, making it difficult for him to fulfill his responsibilities as IRP. The court considered the

…

## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP), Mr. Mukesh Kumar Jain, should be relieved of his …

**Ratio:** The court has the power to relieve an IRP from their duties if there are sufficient

…

**Reasoning:** The court considered the submissions made by the Learned Counsel for the Applicant and

…

**Interpretation:** The interpretation of the law allows for the replacement of an IRP when

…

**Application:** In this case, the court applied the ratio by relieving Mr. Mukesh Kumar Jain

…

## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Mukesh Kuma…
- **Respondents:** Futuristics Metal…; Ram Ratan…

## Timeline

- **2024-07-02 — CIRP Init…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2024-10-04 — Appointment…**: Mr. Mukesh Kumar Jain was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/futuristics-metal-trading-private-limited-5c38209d