# In the matter of Hind Syntex Ltd. TP 48 of 2019 {CP (IB) 305 of 2019}

> NCLT judgment dated 2022-06-02. Citation: TCN-2022-NCLT-02456. Dena Bank (now Bank of Baroda) filed an application under Section 60(5) r.w. Rule 11 of NCLT…

- **Court:** NCLT
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-NCLT-02456
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hind-syntex-ltd-tp-48-of-2019-cp-ib-305-of-2019-ae2c8343

## Summary

### Background

Dena Bank (now Bank of Baroda) filed an application under Section 60(5) r.w. Rule 11 of NCLT Rules, 2016, seeking permission to discharge the present IRP Mr. Samir Kumar Bhattacharyya from his duties as the IRP of Hind Syntex Ltd. and to appoint newly proposed IRP Mr. Ram Ratan Modi to act as an IRP of the Corporate Debtor in TP 48 of 2019 [CP(IB) 305 of 2019].

## Facts

Dena Bank (now known as Bank of Baroda) filed an application to discharge Mr. Samir Kumar Bhattacharyya, the existing Interim Resolution Professional (IRP) of Hind Syntex Ltd. The bank also sought to appoint Mr. Ram Ratan Modi as the new IRP for the Corporate Debtor in TP 48 of 2019 [CP(IB) 305 of 2019]. The application was filed under Section 60(5) r.w. Rule 11 of NCLT Rules, 2016. The key fact is the bank's request to change the IRP, which is crucial for the ongoing insolvency resolution process of Hind Syntex Ltd.

## Issues and analysis

### Issue 1: Whether the application to discharge the existing …

**Ratio:** The court has the power to allow applications for the replacement of an IRP under Section

…

**Reasoning:** The court considered the application and found it appropriate to allow the change in IRP,

…

**Interpretation:** Section 60(5) of the IBC, read with Rule 11 of the NCLT Rules, provides the

…

**Application:** The court applied the ratio to the facts of the case, where the applicant, Dena

…

## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Dena…
- **Respondents:** Hind Synt…

## Timeline

- **2022-06-02 — Order Del…**: The order was delivered on June 2, 2022,…

## 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/hind-syntex-ltd-tp-48-of-2019-cp-ib-305-of-2019-ae2c8343