# In the matter of RCBS Realty Private Limited

> NCLT judgment dated 2024-12-03. Citation: TCN-2024-NCLT-00111. The case involves multiple IAs (Interlocutory Applications) filed under the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 Dec 2024
- **Citation:** TCN-2024-NCLT-00111
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rcbs-realty-private-limited-9d38d26c

## Summary

### Background

The case involves multiple IAs (Interlocutory Applications) filed under the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT), Kolkata Bench. These applications pertain to various aspects of the corporate insolvency resolution process (CIRP) of RCBS Realty Private Limited, including the replacement of the Resolution Professional (RP), allegations of false information provided by respondents, and consideration of a revival plan.

## Facts

The case involves RCBS Realty Private Limited, undergoing CIRP under the IBC. Mr. Rajat Mukherjee, the existing RP, filed IA(I.B.C)/2236(KB)2024 seeking permission to resign due to medical reasons and proposing the appointment of Mr. Manish Jain as the new RP. The Committee of Creditors (CoC) approved this replacement. There were allegations in IA(I.B.C)/572(KB)2022 and IA(I.B.C)/581(KB)2022 that some respondents provided false information, hindering the CIRP. IA(I.B.C)/406(KB)2022 sought condonation of delay and consideration of a revival plan submitted by the applicant. IA(I.B.C)/365(KB)2022 concerned the modification of the applicant's claim. The CoC ratified the release of dues to the outgoing RP, amounting to Rs. 40,60,433/-.

## Issues and analysis

### Issue 1: Whether the existing Resolution Professional (RP) can be allowed to resign and a new RP be …

**Ratio:** Regulation 22(2) of the IBBI(IP) Regulation, 2016 allows an RP to resign. Section 22 and

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**Reasoning:** The Tribunal considered the RP's medical condition and the CoC's approval of the

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**Interpretation:** The Tribunal interpreted the relevant provisions of the IBC and IBBI

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**Application:** The Tribunal applied the ratio to the specific facts, allowing Mr. Rajat

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Dipak B…
- **Respondents:** RCBS Realty…
- **Advocates:** Kuldip Ma…; Atu Su…; +11 more

## Timeline

- **2024-12-03 — Order Sheet of…**: Order sheet of the hearing on December 3, 2024, addressing various IAs related to the…
- **2022-05-02 — Revival Plan S…**: Revival proposal/plan submitted by the Applicant on 2nd May, 2022 for revival of the CD;…

## 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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