# In the matter of Hi Tech Air Power Private Limited

> NCLT judgment dated 2024-06-03. Citation: TCN-2024-NCLT-01260. The application, I.A.No.378/2024, was filed by the Financial Creditors of the Corporate Debtor…

- **Court:** NCLT
- **Order date:** 3 Jun 2024
- **Citation:** TCN-2024-NCLT-01260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hi-tech-air-power-private-limited-19b605a4

## Summary

### Background

The application, I.A.No.378/2024, was filed by the Financial Creditors of the Corporate Debtor under Section 60 (5) of the IBC, 2016, seeking to change the Interim Resolution Professional (IRP) appointed in the Admission Order dated 2024-01-12. The application seeks to appoint Shri T.V.S Siva Prasad as the Interim Resolution Professional.

## Facts

The Financial Creditors of the Corporate Debtor filed an application (I.A.No.378/2024) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The purpose of the application was to change the Interim Resolution Professional (IRP) who was initially appointed in the Admission Order dated 2024-01-12. The Financial Creditors proposed Shri T.V.S Siva Prasad, holding IBBI Registration No. IBBI/IPA-003/IP-P00406/2021-2022/14051, as the new IRP. The court heard the counsel for the Petitioner and subsequently allowed the application, replacing the existing IRP, Shri Nagaraj Emmadi, with Shri T.V.S Siva Prasad.

## Issues and analysis

### Issue 1: Whether the application to change the Interim …

**Ratio:** Section 60(5) of the IBC, 2016 provides the NCLT jurisdiction to entertain any

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**Reasoning:** The court considered the application filed by the Financial Creditors and the submissions

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**Interpretation:** Section 60(5) of the IBC provides the legal basis for the NCLT to hear

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**Application:** The court applied its power under Section 60(5) of the IBC to allow the

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## Parties

- **Judges:** SH. K. B…; SH. SHYAM BABU…
- **Appellants:** M/s. Harish B &…
- **Respondents:** M/s. Hi-Tech Air…

## Timeline

- **2024-01-12 — Admission Ord…**: Date of the Admission Order where…
- **2024-06-03 — Order Del…**: The court delivered the order allowing the application to change the IRP and appointing…

## 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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