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

> NCLT judgment dated 2024-09-06. Citation: TCN-2024-NCLT-00654. 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-00654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ms-vienna-mutiventures-private-limited-eb6b1db6

## 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 a financial creditor holding 64.42% of the voting share. The CoC proceedings revealed that while the applicant proposed Mr. Vasihnawa's name, other members of the CoC did not consent to the appointment.

## Facts

A financial creditor with 64.42% voting share applied for the appointment of Mr. Madan B. Vasihnawa as an Insolvency Resolution Professional (IRP). The other members of the Committee of Creditors (CoC) did not accord their consent to the proposed appointment. The previously appointed RP had withdrawn due to the expiry of his registration. Mr. Ravinder Kumar Sharma, registered with IBBI, 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 Mr. Madan B. Vasihnawa can be appointed as an Insolvency Resolution Professional when other …

**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 consent to the appointment

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code (IBC) requires that

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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 the…
- **2024-10-15 — Adjournment of I.A.…**: I.A. 3988/2024 adjourned to this date on the request of the learned counsel for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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