# In the matter of M/s Vienna Mutiventures Private Limited

> NCLT judgment dated 2024-09-06. Citation: TCN-2024-NCLT-00652. The case involves an application (I.A. 4132/2024) for the appointment of Mr. Madan B. Vasihnawa…

- **Court:** NCLT
- **Order date:** 6 Sept 2024
- **Citation:** TCN-2024-NCLT-00652
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ms-vienna-mutiventures-private-limited-2c461fc4

## Summary

### Background

The case involves an application (I.A. 4132/2024) for the appointment of Mr. Madan B. Vasihnawa as an Insolvency Resolution Professional (IRP). The application was moved by the financial creditor holding 64.42% of the voting share. The CoC proceedings revealed that while the applicant proposed Mr. Vasihnawa, other members of the CoC did not consent to the appointment. The previously appointed RP had withdrawn due to the expiry of his registration.

## Facts

The financial creditor, holding 64.42% of the voting share, filed an application (I.A. 4132/2024) to appoint Mr. Madan B. Vasihnawa as the Insolvency Resolution Professional (IRP). However, the other members of the Committee of Creditors (CoC) did not accord their consent to this appointment. The previously appointed Resolution Professional (RP) had withdrawn due to the expiry of his registration. Mr. Ravinder Kumar Sharma, holding IBBI Registration No. IBBI/IPA-003/N-00331/2021-2022/13598, was appointed as RP. Another application, I.A. 3988/2024, was adjourned to 2024-10-15 at the request of the learned counsel for the applicant.

## Issues and analysis

### Issue 1: Whether the appointment of Mr. Madan B. Vasihnawa as an Insolvency Resolution Professional can be …

**Ratio:** The appointment of an IRP requires the

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**Reasoning:** The court observed that the other members of the CoC did not accord their consent to the

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**Interpretation:** The interpretation is that the consent of the CoC is a necessary condition for

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**Application:** Since the other members of the CoC did not consent to the appointment of Mr.

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Consulshah…
- **Respondents:** Vienna Multi…

## Timeline

- **2024-09-06 — Order Del…**: Order delivered on 06.09.2024…
- **2024-10-15 — Adjournment of I.A.…**: I.A. 3988/2024 adjourned to 15.10.2024 on the request of the learned counsel for the…

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