# In the matter of Navya Agro Products Pvt. Ltd. IA (IBC)-11-60(5)-GB-2023 in IA (IBC)-41-GB-2022 in CP (IB)-4-GB-2021

> NCLT judgment dated 2023-03-03. Citation: TCN-2023-NCLT-04356. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 Mar 2023
- **Citation:** TCN-2023-NCLT-04356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/navya-agro-products-pvt-ltd-ia-ibc-11-605-gb-2023-in-ia-ibc-41-gb-2022-in-cp-ib-62c0a769

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant, NK Power and Infrastructure Private Limited, is the Successful Resolution Applicant (SRA) for the Corporate Debtor, Navya Agro Product Private Limited. The SRA seeks to substitute its name for the Resolution Professional (RP) in I.A. 41 of 2022. The RP, Purshotam Gaggar, was initially appointed when the CIRP of Navya Agro Products Private Limited was initiated. The resolution plan submitted by the applicant was approved by the Committee of Creditors (CoC) with a 100% vote and subsequently approved by the Tribunal on August 12, 2022, in I.A. No. 43 of 2022. An earlier application,

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## Facts

The Corporate Debtor, Navya Agro Products Private Limited, underwent Corporate Insolvency Resolution Process (CIRP). Purshotam Gaggar was appointed as the Resolution Professional (RP). NK Power and Infrastructure Private Limited submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with 100% vote and subsequently by the NCLT on August 12, 2022. The RP had filed I.A. 41 of 2022 under Section 66 of the IBC, which was pending. It was agreed that the Successful Resolution Applicant (SRA), NK Power, would pursue I.A. 41 of 2022 after the resolution plan's approval, with any recovery to be passed on to the creditors. The SRA filed an application to substitute its name for the RP's name in I.A. 41 of 2022. The respondents had reservations but did

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## Issues and analysis

### Issue 1: Whether the Tribunal should allow the substitution of the Resolution Professional's name with the …

**Ratio:** The ratio is based on the principle that the Successful Resolution Applicant (SRA) steps

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**Reasoning:** The Tribunal reasoned that the resolution plan had been approved, and it was previously

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**Interpretation:** The interpretation involves understanding the role of the SRA after the

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

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** NK Power and…
- **Respondents:** Navya Agro…; Nanda Rangs…

## Timeline

- **2022-08-12 — Approval of Resolution…**: The resolution plan submitted by NK Power and Infrastructure Private Limited was approved…
- **2023-02-03 — Hearing…**: The matter was last heard, and the counsel for the respondents submitted reservations…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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