# In the matter of Sankalp Siddhi Developers Private Limited

> NCLT judgment dated 2024-04-26. Citation: TCN-2024-NCLT-01572. The case involves an application (IA/1914/2024) for the replacement of the Interim Resolution…

- **Court:** NCLT
- **Order date:** 26 Apr 2024
- **Citation:** TCN-2024-NCLT-01572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sankalp-siddhi-developers-private-limited-790d7f88

## Summary

### Background

The case involves an application (IA/1914/2024) for the replacement of the Interim Resolution Professional (IRP) and the appointment of Mr. Arun Kishanlal Bagaria as the Resolution Professional (RP) for the Corporate Debtor. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Lekha Enterprises Private Limited filed an application for initiating insolvency proceedings against Sankalp Siddhi Developers Private Limited. The application sought the replacement of the existing Interim Resolution Professional (IRP) and the appointment of Mr. Arun Kishanlal Bagaria as the Resolution Professional (RP) for the Corporate Debtor. The Committee of Creditors (CoC) had already ratified and approved the appointment of Mr. Bagaria in their 2nd CoC meeting held on 08.04.2024, with 100% voting in favor. Mr. Bagaria holds registration number IBBI/IPA-002/IP-N00278/2017-2018/10836.

## Issues and analysis

### Issue 1: Whether the application for replacement of the IRP and appointment of Mr. Arun Kishanlal Bagaria as …

**Ratio:** The ratification and approval by the Committee of Creditors (CoC) with 100% voting is a

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**Reasoning:** The court considered the CoC's approval as a strong indicator of the creditors'

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**Interpretation:** The Insolvency and Bankruptcy Code emphasizes the importance of the CoC's role

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**Application:** In this case, the CoC's unanimous approval of Mr. Arun Kishanlal Bagaria's

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Lekha Enterprises…
- **Respondents:** Sankalp Siddhi…
- **Advocates:** Shadab…

## Timeline

- **2024-04-08 — 2nd CoC M…**: The 2nd Committee of Creditors (CoC) meeting was held, where the appointment of Mr. Arun…
- **2024-04-26 — Order Del…**: The order was delivered, allowing the application for the replacement of the IRP and the…

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