# In the matter of Karur Vysya Bank V/s Vaibhav Singhal, (IB)-417/ND/2022

> NCLT judgment dated 2023-02-20. Citation: TCN-2023-NCLT-04537. The case involves an application (IA-1003/2023) for the replacement of the Resolution…

- **Court:** NCLT
- **Order date:** 20 Feb 2023
- **Citation:** TCN-2023-NCLT-04537
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karur-vysya-bank-vs-vaibhav-singhal-ib-417nd2022-7c3248f3

## Summary

### Background

The case involves an application (IA-1003/2023) for the replacement of the Resolution Professional (RP), Mr. Vishva Deep Sharma. The applicant sought the appointment of Mr. Rohan Lal Jain as the new RP. The previous RP, Mr. Vishva Deep Sharma, was appointed on 2022-08-03 but allegedly failed to discharge his duties as mandated by law.

## Facts

Karur Vysya Bank is the applicant/petitioner in this case. Mr. Vaibhav Singhal is the respondent. The case is filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The application IA-1003/2023 seeks the replacement of the Resolution Professional (RP), Mr. Vishva Deep Sharma. Mr. Vishva Deep Sharma was appointed as RP on 2022-08-03 but allegedly did not discharge his duties/functions as mandated by law. Mr. Rohan Lal Jain Resolution Professional is appointed as the new RP. The Tribunal has directed that a copy of the order be sent to the IBBI to look into the conduct of the previous RP. The new RP is required to file his report within 14 days.

## Issues and analysis

### Issue 1: Whether the application (IA-1003/2023) for the replacement of the Resolution Professional (RP) …

**Ratio:** The Tribunal has the power to replace a Resolution Professional (RP) if the RP fails to

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**Reasoning:** The Tribunal considered the reasons stated in the application and found that the previous

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**Interpretation:** This interpretation highlights the Tribunal's authority to intervene in cases

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SHRI. ASHOK KUMAR…; Shri. L. N.…
- **Appellants:** KARUR VYSY…
- **Respondents:** Vaibhav S…

## Timeline

- **2022-08-03 — Appointment of Previous…**: Mr. Vishva Deep Sharma was appointed as the…
- **2023-02-20 — Order Del…**: The Tribunal delivered the order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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