# In the matter of Point Developers Private Limited

> NCLT judgment dated 2025-01-07. Citation: TCN-2025-NCLT-00670. The case involves an application filed under Section 22(3)(b) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Jan 2025
- **Citation:** TCN-2025-NCLT-00670
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/point-developers-private-limited-67a5261a

## Summary

### Background

The case involves an application filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the Interim Resolution Professional (IRP)/Respondent. The proposed Resolution Professional (RP) was approved with 100% voting by the Committee of Creditors (CoC) of the Corporate Debtor. The proposed RP has also provided her consent to act as Resolution Professional.

## Facts

An application (IA 65/2025) was filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the existing Interim Resolution Professional (IRP). The applicant sought to replace the IRP/Respondent, Ms. Vaishali Arun Patrikar, with a new Resolution Professional (RP). The proposed RP was approved by the Committee of Creditors (CoC) with 100% voting. The proposed RP also provided her consent to act as Resolution Professional in Form B dated 11.11.2024. The court considered the submissions made by the applicant and reviewed the record. The registration number of Ms. Vaishali Arun Patrikar is IBBI/IPA-002/IP-N00812/2019-2020/12566. The application pertains to the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for replacement of the Interim Resolution Professional (IRP) with a new …

**Ratio:** Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, provides for the

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**Reasoning:** The court reasoned that the CoC's approval with 100% voting indicates a strong consensus

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**Interpretation:** Section 22(3)(b) is interpreted to mean that the CoC's decision is paramount in

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**Application:** In this case, the CoC approved the replacement with 100% voting, satisfying the

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## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** Rushabh Civil…
- **Respondents:** Point Developers…
- **Advocates:** Krishnan…; Rahul P…

## Timeline

- **2025-01-07 — Hearing…**: Order sheet of the…
- **2024-11-11 — RP Consen…**: Proposed RP provided her consent to act…

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