# 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-04303. 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-04303
- **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-1099-2019-8cf15adf

## 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 requested reporting the RP's conduct to the IBBI, staying frivolous arbitration proceedings at Madras High Court, and imposing costs on the RP for filing frivolous claims. CIRP was initiated against the Corporate Debtor on 2019-12-13, and Mr. Ebenezar Inbaraj was appointed as Interim Resolution Professional and later confirmed as Resolution Professional.

## Facts

Veeral Controls Private Limited filed an application seeking the removal and replacement of the Resolution Professional (RP) of Regen Powertech Private Limited. The application was based on allegations that the RP had suppressed facts about contempt proceedings against him. CIRP was initiated against Regen Powertech Private Limited on 2019-12-13, and Mr. Ebenezar Inbaraj was appointed as the RP. Prior to the CIRP, Regen Powertech Private Limited had filed an arbitration suit against Veeral Controls Private Limited for infringement of Intellectual Property Rights. The RP had filed a petition before the High Court of Madras to reinstate the said arbitration proceedings. The applicant argued that the RP was undergoing contempt proceedings before the Tribunal and had not

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## Issues and analysis

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

**Ratio:** The Insolvency and Bankruptcy Code, 2016, envisages the replacement of the Resolution

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

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**Interpretation:** This means that the applicant's application under Section 27 r/w Section 60(5)

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**Application:** Since the applicant's application was not filed under Section 22 or 27 of the

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## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** Veeral Controls…
- **Respondents:** Regen Powertech…

## 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)

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