# 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-04527. 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-04527
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karur-vysya-bank-vs-vaibhav-singhal-ib-417nd2022-efe95b30

## 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 filed an application (IA-1003/2023) under Section 95 of the IBC, 2016, seeking 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. The applicant proposed Mr. Rohan Lal Jain as the new RP. Mr. Rohan Lal Jain is registered with The Institute of Insolvency of ICAI, holding Registration No. 1881/IPA-001/2017-2018/11587. The tribunal found sufficient reasons to allow the replacement. The tribunal also directed that a copy of the order be sent to IBBI to look into the conduct of the previous RP.

## Issues and analysis

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

**Ratio:** The tribunal has the power to replace a Resolution Professional if there are sufficient

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**Reasoning:** The tribunal considered the reasons stated in the application and found them sufficient

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**Interpretation:** This issue concerns the interpretation of the powers of the tribunal to oversee

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**Application:** The tribunal applied its power to replace the RP based on the fact that the

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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…**: Order delivered on 20.02.2023,…

## 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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