# In the matter of NSL Nagapatnam Power & Infratech Ltd.

> NCLT judgment dated 2023-09-08. Citation: TCN-2023-NCLT-01738. The application IA (IBC)/987/2023 has been filed under Section 27 of the IBC for replacing the…

- **Court:** NCLT
- **Order date:** 8 Sept 2023
- **Citation:** TCN-2023-NCLT-01738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nsl-nagapatnam-power-infratech-ltd-759b4a6f

## Summary

### Background

The application IA (IBC)/987/2023 has been filed under Section 27 of the IBC for replacing the existing Resolution Professional, Mr. Venkateswarlu Kari, with Mr. Naveen Gupta. The applicant has complied with the requirements of Section 27 of the IBC, including securing 66% of the voting shares of the creditors and obtaining approval for the proposed Resolution Professional.

## Facts

The application IA (IBC)/987/2023 was filed to replace the current Resolution Professional, Mr. Venkateswarlu Kari, with Mr. Naveen Gupta, under Section 27 of the Insolvency and Bankruptcy Code (IBC). The applicant demonstrated compliance with Section 27, having secured 66% of the creditor voting shares and approval for the proposed Resolution Professional. The existing Resolution Professional did not object to the replacement. IA (IBC)/538/2022 was adjourned to 2023-11-10.

## Issues and analysis

### Issue 1: Whether the applicant has met the requirements under Section 27 of the IBC for replacing the …

**Ratio:** Section 27 of the IBC outlines the procedure and requirements for replacing a Resolution

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**Reasoning:** The court determined that the applicant had met the requirements of Section 27 of the IBC

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**Interpretation:** Section 27 of the IBC is interpreted to mean that if the specified conditions

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**Application:** In this case, the applicant demonstrated compliance with Section 27 by

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Respondents:** NSL Nagapatnam…

## Timeline

- **2023-09-08 — Hearing…**: Hearing of National Company Law Tribunal,…
- **2023-11-10 — Adjournmen…**: Matter IA (IBC)/538/2022 is…

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