# In the matter of McNally Bharat Engg Co. Ltd. IA(I.B.C)-766(KB)2022 in C.P. (IB)-891(KB)2020

> NCLT judgment dated 2022-08-26. Citation: TCN-2022-NCLT-01246. The case involves an application filed under Section 22(3)(B) read with Section 22(2) of the…

- **Court:** NCLT
- **Order date:** 26 Aug 2022
- **Citation:** TCN-2022-NCLT-01246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mcnally-bharat-engg-co-ltd-iaibc-766kb2022-in-cp-ib-891kb2020-bf650b1a

## Summary

### Background

The case involves an application filed under Section 22(3)(B) read with Section 22(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the appointment of Ravi Sethia as the Resolution Professional for the Corporate Debtor, MCNALLY BHARAT ENGINEERING COMPANY LIMITED. The Committee of Creditors (CoC), through Bank of India, filed the application, supported by an affidavit from the Assistant General Manager of the Bank.

## Facts

An application IA(I.B.C)/766(KB)2022 was filed under Section 22(3)(B) read with Section 22(2) of the IBC, 2016, seeking the appointment of Ravi Sethia as the Resolution Professional (RP) for MCNALLY BHARAT ENGINEERING COMPANY LIMITED, the Corporate Debtor. Ravi Sethia's registration number is IBBI/IPA-001/IP-P01305/2018-2019/12052. The application was filed by the Committee of Creditors (CoC) through Bank of India and supported by an affidavit from the Assistant General Manager of the Bank. The voting results, placed on record, showed that 99.96% of the CoC members approved the appointment of Ravi Sethia as the RP. The written consent for the appointment of Ravi Sethia, dated 03.06.2022, was also placed on record. The main Company Petition was scheduled to come up on

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## Issues and analysis

### Issue 1: Whether the application IA(I.B.C)/766(KB)2022 for the appointment of Ravi Sethia as the Resolution …

**Ratio:** The legal principle applied is that the appointment of a Resolution Professional requires

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**Reasoning:** The court reasoned that the application was supported by the CoC, with 99.96% of its

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**Interpretation:** Section 22 of the IBC provides a mechanism for the CoC to appoint or replace a

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

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** McNally Bharat…
- **Advocates:** Ankur S…; Riti…; +3 more

## Timeline

- **2022-08-26 — Hearing…**: Hearing on the matter was held on…
- **2022-06-03 — Consent…**: Written consent for Appointment of Mr. Ravi Sethia as Resolution Professional dated…

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