# In the matter of Limtex (India) Limited IA(I.B.C)-75(KB)2022 in C.P. (IB)-1837(KB)2019

> NCLT judgment dated 2022-07-29. Citation: TCN-2022-NCLT-01532. The case involves an application (IA 750 of 2022) seeking the replacement of the Interim…

- **Court:** NCLT
- **Order date:** 29 Jul 2022
- **Citation:** TCN-2022-NCLT-01532
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/limtex-india-limited-iaibc-75kb2022-in-cp-ib-1837kb2019-b020a4f4

## Summary

### Background

The case involves an application (IA 750 of 2022) seeking the replacement of the Interim Resolution Professional (IRP), Shri Sandeep Mitra, with Shri Pratap Mukherjee. The application is based on a resolution approved by 89.30% of the Committee of Creditors (CoC) members. The resolution approving the replacement of the IRP is recorded at page 61, and the resolution regarding the appointment of the Resolution Professional is recorded at page 62.

## Facts

An application, IA 750 of 2022, was filed seeking the replacement of the existing Interim Resolution Professional (IRP), Shri Sandeep Mitra. The proposed replacement was Shri Pratap Mukherjee. This replacement was supported by a resolution passed by 89.30% of the Committee of Creditors (CoC) members. The resolution approving the replacement of the IRP was documented on page 61, and the resolution concerning the appointment of the Resolution Professional was documented on page 62. The court considered these facts and the records presented before it. The outgoing IRP is required to handover all records to the new IRP within 3 days. Any pending dues to the outgoing IRP must be cleared by the CoC within one week.

## Issues and analysis

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

**Ratio:** The court gives due consideration to the resolution passed by the Committee of Creditors

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**Reasoning:** The court reasoned that the CoC's decision, reflected in the resolution passed by a

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** In this specific case, the court applied the ratio by acknowledging the CoC's

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** UCO B…
- **Respondents:** Limtex (India)…

## Timeline

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

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