# In the matter of MHG Land Stocklist Private Limited IA No. 3814-ND--2022 in IB No. 259-(PB)-2021

> NCLT judgment dated 2022-09-02. Citation: TCN-2022-NCLT-01181. This is an application under Section 22(3)(B) of the Insolvency & Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 2 Sept 2022
- **Citation:** TCN-2022-NCLT-01181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mhg-land-stocklist-private-limited-ia-no-3814-nd-2022-in-ib-no-259-pb-2021-47f9ee83

## Summary

### Background

This is an application under Section 22(3)(B) of the Insolvency & Bankruptcy Code, 2016. The CoC of MHG Land Stocklist Private Limited proposed the appointment of IP-Mr. Prabhjit Singh Soni as Resolution Professional with 100% voting, replacing the existing IRP, Mr. Anurag Nirbhaya.

## Facts

Remotebullion And Jewels Private Limited is the Financial Creditor. MHG Land Stocklist Private Limited is the Corporate Debtor. DCG & Co. is the Applicant/CoC. Anurag Nirbhaya was the IRP. The CoC proposed Prabhjit Singh Soni as the Resolution Professional with 100% voting. The application was filed to replace the existing IRP with a Resolution Professional.

## Issues and analysis

### Issue 1: Whether Mr. Prabhjit Singh Soni can be appointed as the Resolution Professional in place of the …

**Ratio:** The decision of the Committee of Creditors (CoC) holds significant weight in the

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**Reasoning:** The court considered the request made in the application and the decision of the CoC,

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**Interpretation:** Section 22(3)(B) of the Insolvency & Bankruptcy Code, 2016 allows the CoC

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**Application:** Given the CoC's unanimous decision to appoint Mr. Prabhjit Singh Soni, the

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## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Appellants:** Remotebullion And…
- **Respondents:** MHG Land Stocklist…; Anurag Ni…

## Timeline

- **2022-09-02 — Order Del…**: Order delivered on the application to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(3) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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