# In the matter of Sharma Kalypso Pvt. Ltd. IA. 1774 & 3505-ND-2021 in Company Petition No. (IB)-1887 (ND)-2019

> NCLT judgment dated 2022-06-02. Citation: TCN-2022-NCLT-02472. The case involves two Interlocutory Applications (IAs), IA 1744/ND/2021 and IA 3505/ND/2021,…

- **Court:** NCLT
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-NCLT-02472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sharma-kalypso-pvt-ltd-ia-1774-3505-nd-2021-in-company-petition-no-ib-1887-nd-20-460af93a

## Summary

### Background

The case involves two Interlocutory Applications (IAs), IA 1744/ND/2021 and IA 3505/ND/2021, filed in connection with Company Petition No. (IB)-1887(ND)/2019. The initial petition was filed by Union Bank of India (UBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Sharma Kalypso Pvt. Ltd. The application was admitted on 02.01.2022, and Mr. Navjit Singh was appointed as the Interim Resolution Professional (IRP). IA 1744/ND/2021 was filed by the IRP seeking appointment as liquidator under Section 34 of IBC, while IA 3505/ND/2021 was filed by UBI seeking liquidation of the Corporate Debtor and appointment of Ms. Reema Mittal as the liquidator.

## Facts

1. Corporation Bank (now Union Bank of India) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against M/s Sharma Kalypso Pvt. Ltd. (formerly RausInfras Ltd.).
2. The application was admitted on 02.01.2022, and Mr. Navjit Singh was appointed as the IRP.
3. The IRP made a public announcement in newspapers on 04.01.2020.
4. The CoC was constituted, comprising Union Bank of India and Bank of Maharashtra.
5. The IRP continued as the Deemed Resolution Professional (DRP).
6. Form 'G' was published on 17.03.2020, with the last date for receipt of Expression of Interest (EOI) being 01.04.2020.
7. Two EOIs were received, but one applicant was found ineligible.
8. The last date for removal of objection/deficiency was 25.06.2020.
9. Only one resolution plan was

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## Issues and analysis

### Issue 1: Whether the appointment of Ms. Reshma Mittal as liquidator, as proposed by Union Bank of India, is …

**Ratio:** The procedure for changing a resolution professional is governed by Section 34(4) of the

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**Reasoning:** The court reasoned that Union Bank of India, despite holding a majority voting share in

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**Interpretation:** Section 34(4) of the IBC outlines specific conditions under which the

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**Application:** The court applied the ratio to the facts by noting that UBI did not obtain a

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## Parties

- **Judges:** Sh. Abni Ranjan…; SH. L. N.…
- **Appellants:** Corporatio…
- **Respondents:** M/s Sharma…

## Timeline

- **2019-01-01 — Filing of Company…**: Company Petition No.…
- **2022-01-02 — Admission of Ap…**: The application under Section 7 of IBC was admitted, and Mr. Navjit Singh was appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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