# In the matter of SHREE PADMAWATI METALIKS PRIVATE LIMITED

> NCLT judgment dated 2024-12-19. Citation: TCN-2024-NCLT-00022. The case pertains to an application filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 19 Dec 2024
- **Citation:** TCN-2024-NCLT-00022
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-padmawati-metaliks-private-limited-977c060a

## Summary

### Background

The case pertains to an application filed under the Insolvency and Bankruptcy Code (IBC). The specific details of the initial insolvency proceedings are not elaborated in this excerpt, but it involves State Bank of India as the applicant and Shree Padmawati Metaliks Private Limited as the corporate debtor.

## Facts

State Bank of India initiated insolvency proceedings against Shree Padmawati Metaliks Private Limited under Section 7 of the IBC. An application, IA(I.B.C)/2426(KB)2024, was filed seeking the replacement of the Interim Resolution Professional (IRP), Mr. Avishek Gupta, with Mr. Vijender Sharma, who possesses the required IBBI registration. The court heard the Ld. Counsel and found merit in the application, leading to its approval.

## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP) should be replaced as requested in the …

**Ratio:** The court has the power to replace an IRP if it deems it necessary and appropriate,

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**Reasoning:** The court, after hearing the Ld. Counsel, was satisfied that the prayer made in the

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**Interpretation:** The interpretation of the IBC allows for the replacement of an IRP to ensure

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**Application:** In this specific case, the court applied the ratio by allowing the replacement

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** State Bank of…
- **Respondents:** Shree Padmawati…
- **Advocates:** Santosh K…; Rituparna…; +5 more

## Timeline

- **2024-12-19 — Hearing…**: Order sheet of the…

## 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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