# In the matter of Limtex (India) Limited IA(I.B.C)-750(KB)2022 in C.P. (IB)-1837(KB)2019

> NCLT judgment dated 2022-07-29. Citation: TCN-2022-NCLT-01523. The application IA(I.B.C)/750(KB)2022 was filed seeking the replacement of the Interim…

- **Court:** NCLT
- **Order date:** 29 Jul 2022
- **Citation:** TCN-2022-NCLT-01523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/limtex-india-limited-iaibc-750kb2022-in-cp-ib-1837kb2019-ab8dc69a

## Summary

### Background

The application IA(I.B.C)/750(KB)2022 was filed seeking the replacement of the Interim Resolution Professional (IRP) Shri Sandeep Mitra with Shri Pratap Mukherjee. This replacement was proposed in accordance with a resolution approved by 89.30% of the Committee of Creditors (CoC) members. The resolution approving the replacement of the IRP was placed on record at page 61, and the resolution regarding the appointment of the Resolution Professional was placed at page 62.

## Facts

UCO Bank initiated proceedings against Limtex (India) Limited under Section 7 of the IBC. An application was filed (IA 750 of 2022) seeking the replacement of the existing IRP, Shri Sandeep Mitra, with Shri Pratap Mukherjee. This request was based on a resolution passed by 89.30% of the CoC members. The resolution approving the IRP replacement was documented on page 61, while the resolution concerning the appointment of the Resolution Professional was on page 62. The court considered these facts and the records presented.

## Issues and analysis

### Issue 1: Whether the application for replacement of the Interim Resolution Professional (IRP) should be …

**Ratio:** The court can approve the replacement of an IRP when a resolution is passed by a

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**Reasoning:** The court noted that the application for replacement was supported by a resolution passed

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**Interpretation:** This indicates that the court gives due consideration to the decisions made by

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**Application:** Given that the CoC had approved the replacement with a significant majority,

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** UCO B…
- **Respondents:** Limtex (India)…

## Timeline

- **2022-07-29 — Hearing…**: Hearing held on July…
- **2022-09-30 — Reporting P…**: Matter listed for reporting…

## 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)

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