# 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-00619. 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-00619
- **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-a1263ecf

## Summary

### Background

The document pertains to IA No. 1330/2022 filed in CP (IB) No. 365/Chd/HP/2019, an admitted matter under the Insolvency & Bankruptcy Code, 2016. The application was filed under Section 22(3)(b) of the I&B Code, 2016 for 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 also considering the payment of any 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, the Interim Resolution Professional (IRP). The COC approved the appointment of Mr. Parminder Singh Bhullar as the new RP in a meeting held on 17.09.2022 with 100% voting share. 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 any remaining legitimate expenses to the IRP. The Registry is directed to access the online database provided by IBBI to verify the antecedents of the proposed RP and check for any pending disciplinary

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP), Mr. Sanjay Arora, should be replaced with Mr. …

**Ratio:** Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016 allows for the replacement

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**Reasoning:** The COC, in its meeting dated 17.09.2022, approved the appointment of Mr. Parminder Singh

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**Interpretation:** Section 22(3)(b) provides the legal basis for replacing an IRP with a new RP,

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

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## Parties

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

## Timeline

- **2019-01-01 — CP (IB) No. 365/Chd/HP/2…**: The Corporate Insolvency…
- **2022-09-17 — COC Meet…**: The Committee of Creditors (COC) approved the appointment of Mr. Parminder Singh Bhullar…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(3) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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