# In the matter of Nikhil Footwear Pvt. Ltd. IA-1352-ND-2023 in IB-106-ND-2022

> NCLT judgment dated 2023-03-07. Citation: TCN-2023-NCLT-04295. The case pertains to an application filed under Rule 11 of the NCLT Rules 2016 regarding the…

- **Court:** NCLT
- **Order date:** 7 Mar 2023
- **Citation:** TCN-2023-NCLT-04295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nikhil-footwear-pvt-ltd-ia-1352-nd-2023-in-ib-106-nd-2022-5c5cb91a

## Summary

### Background

The case pertains to an application filed under Rule 11 of the NCLT Rules 2016 regarding the appointment of Sh. Shiv Nandan Sharma as Interim Resolution Professional (IRP). The Financial Creditor's counsel is present and has suggested Sh. Shiv Nandan Sharma as IRP. A consent form has been filed, indicating no disciplinary proceedings are pending against the IRP, and authorization for assignment dated 14.11.2022 is valid until 13.11.2023. The Financial Creditor's counsel may submit a duly attested copy of the IBBI Registration Certificate of Mr. Shiv Nandan Sharma.

## Facts

An application IA/1352/ND/2023 was filed under Rule 11 of the NCLT Rules 2016 for the appointment of Sh. Shiv Nandan Sharma as IRP. The Financial Creditor suggested Sh. Shiv Nandan Sharma as IRP and submitted a consent form showing no pending disciplinary proceedings against him. Authorization for assignment dated 14.11.2022 is valid until 13.11.2023. The Financial Creditor's counsel may submit a copy of the IBBI Registration Certificate of Mr. Shiv Nandan Sharma. A necessary amendment regarding appointment of IRP in the order dated 28.02.2023 is to be made accordingly. The admission order is dated 28.02.2023.

## Issues and analysis

### Issue 1: Whether the application for the appointment of Sh. …

**Ratio:** The court can allow the application if the proposed IRP meets the requirements and no

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**Reasoning:** The Financial Creditor's counsel suggested Sh. Shiv Nandan Sharma as IRP and submitted a

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**Interpretation:** The court interprets Rule 11 of the NCLT Rules 2016 to allow for the

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

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Appellants:** CFM Asset…
- **Respondents:** M/s. Nikhil…

## Timeline

- **2022-11-14 — Authorization for…**: Authorization for assignment of IRP…
- **2023-02-28 — Admission Ord…**: Admission order dated…

## 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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