# 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-01177. The application was filed in the National Company Law Tribunal, New Delhi Bench-IV, under…

- **Court:** NCLT
- **Order date:** 2 Sept 2022
- **Citation:** TCN-2022-NCLT-01177
- **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-2021-68eca697

## Summary

### Background

The application was filed in the National Company Law Tribunal, New Delhi Bench-IV, under Section 22(3)(B) of the Insolvency & Bankruptcy Code, 2016. The case involves Remotebullion And Jewels Private Limited as the Financial Creditor and MHG Land Stocklist Private Limited as the Corporate Debtor. DCG & Co. is the Applicant/CoC, and Anurag Nirbhaya is the Respondent/IRP.

## Facts

Remotebullion And Jewels Private Limited is the Financial Creditor, and MHG Land Stocklist Private Limited is the Corporate Debtor. Anurag Nirbhaya was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC), represented by DCG & Co., proposed Prabhjit Singh Soni as the Resolution Professional, with a 100% vote in favor. The application was filed under Section 22(3)(B) of the Insolvency & Bankruptcy Code, 2016. The CoC requested the appointment of Prabhjit Singh Soni as the Resolution Professional, replacing the existing IRP. The key fact is the unanimous decision of the CoC to appoint a new Resolution Professional, which led to the court's order.

## Issues and analysis

### Issue 1: Whether the application for the appointment of Prabhjit Singh Soni as Resolution Professional, …

**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 unanimous decision of the CoC to appoint Prabhjit Singh Soni, the

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## Parties

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

## Timeline

- **2022-09-02 — Order Del…**: Order delivered appointing Mr. Prabhjit Singh Soni as Resolution Professional and…

## 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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