# In the matter of Notion Real Estate Private Limited

> NCLT judgment dated 2024-07-18. Citation: TCN-2024-NCLT-00986. The case involves an application (I.A. 3433/2024) filed in a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 18 Jul 2024
- **Citation:** TCN-2024-NCLT-00986
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/notion-real-estate-private-limited-fbcc2053

## Summary

### Background

The case involves an application (I.A. 3433/2024) filed in a Corporate Insolvency Resolution Process (CIRP) concerning Notion Real Estate Private Limited. The Committee of Creditors (CoC) sought to replace the Interim Resolution Professional (IRP) with a new Resolution Professional (RP), specifically an Insolvency Professional Entity (IPE), namely M/s Incorp Restructuring Services LLP. The application was filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code (IBC).

## Facts

The Corporate Debtor, Notion Real Estate Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) via order dated 2024-01-09. The Committee of Creditors (CoC) sought to replace the Interim Resolution Professional (IRP) with M/s Incorp Restructuring Services LLP, an Insolvency Professional Entity (IPE). The CoC's decision to appoint the IPE was supported by 100% voting. The application for replacement was filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code (IBC). The court considered whether an IPE could be appointed as an RP, given that the IBC primarily addresses individual IPs and IPAs. The written consent submitted by M/s Incorp Restructuring Services LLP was in Form AA, which is designed for individual IPs, not IPEs. The

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## Issues and analysis

### Issue 1: Whether an Insolvency Professional Entity (IPE) can be appointed as a Resolution Professional (RP) …

**Ratio:** The IBC primarily recognizes individual Insolvency Professionals (IPs) and Insolvency

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**Reasoning:** The court considered the submissions of the counsel for the CoC, who argued that the IBBI

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**Interpretation:** The court interpreted the relevant sections of the IBC and the IBBI regulations

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**Application:** In this specific case, the court applied the ratio and reasoning to the facts,

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** PIRAMAL CAPITAL &…
- **Respondents:** Notion Real…

## Timeline

- **2024-01-09 — Admission in…**: Notion Real Estate Private Limited was admitted into Corporate Insolvency Resolution…
- **2024-07-18 — Order Sheet of…**: Order sheet of hearing (hybrid) dated 2024-07-18 regarding the application for…

## 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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