# In the matter of Regen Powertech Private Limited IA-971-IB-2020 in IBA-1099-2019

> NCLT judgment dated 2022-02-01. Citation: TCN-2022-NCLT-04297. The application IA/971/IB/2020 was filed by Veeral Controls Private Limited under Section 27…

- **Court:** NCLT
- **Order date:** 1 Feb 2022
- **Citation:** TCN-2022-NCLT-04297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/regen-powertech-private-limited-ia-971-ib-2020-in-iba-1099-2019-06630efb

## Summary

### Background

The application IA/971/IB/2020 was filed by Veeral Controls Private Limited under Section 27 r/w Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the removal and replacement of the Resolution Professional (RP) of Regen Powertech Private Limited. The applicant alleged suppression of facts regarding contempt proceedings by the RP. The applicant also sought reporting of the RP's conduct to the IBBI and imposition of costs on the RP for filing frivolous applications. CIRP was initiated against the Corporate Debtor on 2019-12-13, and Mr. Ebenezar Inbaraj was appointed as the Interim Resolution Professional, later confirmed as the Resolution Professional.

## Facts

Veeral Controls Private Limited filed an application (IA/971/IB/2020) seeking the removal and replacement of the Resolution Professional (RP) of Regen Powertech Private Limited. The applicant alleged that the RP suppressed facts about contempt proceedings against him. CIRP was initiated against Regen Powertech Private Limited on 2019-12-13, and Ebenezar Inbaraj was appointed as the RP. Prior to CIRP, Regen Powertech Private Limited had filed an arbitration suit against Veeral Controls Private Limited for infringement of Intellectual Property Rights. The applicant filed a claim before the RP, which was accepted, but the RP later filed a petition before the High Court of Madras to reinstate the arbitration proceedings. The RP was allegedly undergoing contempt proceedings

…

## Issues and analysis

### Issue 1: Whether the Applicant is entitled to file an application seeking replacement of the Resolution …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, specifically Sections 22 and 27, outlines the

…

**Reasoning:** The Tribunal stated that the applicant is not entitled to file an application seeking

…

**Interpretation:** The IBC provides specific circumstances under which a Resolution Professional

…

**Application:** Since the applicant's request for replacement of the RP did not fall under the

…

## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** Veeral Controls…
- **Respondents:** Regen Powertech…
- **Advocates:** Gaurav…; P.H. Arvindh…; +1 more

## Timeline

- **2019-12-13 — CIRP Init…**: CIRP was initiated against the Corporate…
- **2019-02-06 — Tribunal Order in…**: Order passed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 27 — Replacement of resolution professional by…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-27)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/regen-powertech-private-limited-ia-971-ib-2020-in-iba-1099-2019-06630efb