# In the matter of Shree Ram Urban Infrastructure Limited IA 2621-2021, IA 1304-2022, IA 3537-2022 IN C.P. (IB)-494(MB)2019

> NCLT judgment dated 2022-11-28. Citation: TCN-2022-NCLT-00308. The case involves multiple Interlocutory Applications (IAs) filed in connection with a…

- **Court:** NCLT
- **Order date:** 28 Nov 2022
- **Citation:** TCN-2022-NCLT-00308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ram-urban-infrastructure-limited-ia-2621-2021-ia-1304-2022-ia-3537-2022-in-c6b3e938

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Shree Ram Urban Infrastructure Limited. The primary issue revolves around the conduct of the Resolution Professional (RP), Mr. Srigopal Choudhary, and allegations of non-compliance with the Insolvency and Bankruptcy Code (IBC) and orders from the National Company Law Appellate Tribunal (NCLAT) and Supreme Court. Several applicants, including financial creditors like SREI Equipment Finance Limited and India Bulls Housing, sought the removal of the RP due to various reasons, including failure to reconstitute the Committee of Creditors (CoC), breach of CIRP timelines, and acting against the interests of the creditors. The

…

## Facts

1. A CIRP was initiated against Shree Ram Urban Infrastructure Limited, with Mr. Srigopal Choudhary appointed as the Resolution Professional (RP).
2. Multiple Interlocutory Applications (IAs) were filed by financial creditors, including SREI Equipment Finance Limited and India Bulls Housing, seeking the removal of the RP.
3. The applicants alleged that the RP failed to reconstitute the Committee of Creditors (CoC) as directed by the Adjudicating Authority and the NCLAT.
4. The RP was accused of breaching CIRP timelines, concealing material information, and acting against the interests of the financial creditors.
5. The RP had not adhered to the timelines stipulated in the IBC Code, 2016.
6. The RP had received Rs. 17,00,000 as CIRP costs from the applicant for the period of

…

## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) breached the orders passed by the Hon'ble NCLAT regarding …

**Ratio:** The ratio is that a Resolution Professional is obligated to comply with the orders of the

…

**Reasoning:** The court reasoned that the RP had wrongly breached the order passed by the NCLAT dated

…

**Interpretation:** This issue involves the interpretation of the duties and responsibilities of a

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** SREI Equipment…
- **Respondents:** Shree Ram Urban…; Srigopal Ch…

## Timeline

- **2019-11-06 — Admission of Company…**: Company Petition under section 7 of the Code against the Corporate Debtor Shree Ram Urban…
- **2021-04-19 — First CoC M…**: The Respondent…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/shree-ram-urban-infrastructure-limited-ia-2621-2021-ia-1304-2022-ia-3537-2022-in-c6b3e938