# In the matter of Hoshiar Nirvair Tractors Private Limited IA No. 1330-2022 In CP (IB) No. 365-Chd-HP-2019

> NCLT judgment dated 2022-10-25. Citation: TCN-2022-NCLT-00617. The document pertains to IA No. 1330/2022 filed in CP (IB) No. 365/Chd/HP/2019, an admitted…

- **Court:** NCLT
- **Order date:** 25 Oct 2022
- **Citation:** TCN-2022-NCLT-00617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hoshiar-nirvair-tractors-private-limited-ia-no-1330-2022-in-cp-ib-no-365-chd-hp-14f852c2

## Summary

### Background

The document pertains to IA No. 1330/2022 filed in CP (IB) No. 365/Chd/HP/2019, an admitted matter under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016. The application seeks the replacement of the Interim Resolution Professional (IRP), Mr. Sanjay Arora. The Committee of Creditors (COC) approved the appointment of Mr. Parminder Singh Bhullar as the new RP in their meeting dated 17.09.2022 with 100% voting share. The fees and CIRP expenses of the previous IRP have been ratified by the COC, and the applicant bank, Punjab National Bank, is in the process of paying them. The court is considering the payment of remaining legitimate expenses to the IRP.

## Facts

SNK Rolling Bearings is the Operational Creditor. Tractors Private Limited is the Corporate Debtor. IA No. 1330/2022 was filed under Section 22(3)(b) of the I&B Code, 2016, seeking the replacement of Mr. Sanjay Arora as the Interim Resolution Professional (IRP). The COC approved the appointment of Mr. Parminder Singh Bhullar as the new RP with 100% voting share in a meeting held on 2022-09-17. The fees and CIRP expenses of Mr. Sanjay Arora have been ratified by the COC, and Punjab National Bank is processing the payment. The court is considering the payment of remaining legitimate expenses to the IRP. The Registry is directed to verify the antecedents of Mr. Parminder Singh Bhullar through the IBBI database.

## Issues and analysis

### Issue 1: Whether the replacement of the Interim Resolution Professional (IRP) by a new Resolution …

**Ratio:** Section 22(3)(b) of the I&B Code, 2016 allows for the replacement of the IRP. The

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**Reasoning:** The court considered the COC's decision and the need for a smooth continuation of the

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**Interpretation:** Section 22(3)(b) provides a mechanism for the COC to influence the composition

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**Application:** The COC's decision to replace Mr. Sanjay Arora with Mr. Parminder Singh Bhullar

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## Parties

- **Judges:** Prasanta Kumar…; Harnam Singh…
- **Appellants:** SNK Rolling…
- **Respondents:** Tractors Private…; Hoshiar N…

## Timeline

- **2022-09-17 — COC Meet…**: The COC approved the appointment of Mr. Parminder Singh Bhullar as the new RP with 100%…
- **2022-10-25 — Order Da…**: IA No. 1330/2022 is allowed and disposed of,…

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