# In the matter of Shree Ram Urban Infrastructure Limited IA No. 2621-MB-2021, IA No. 1304 & 3537-MB-2022 In C.P. (IB) No. 494-MB-C-I-2019

> NCLT judgment dated 2022-12-22. Citation: TCN-2022-NCLT-00052. The case involves multiple Interlocutory Applications (IAs) filed by financial creditors…

- **Court:** NCLT
- **Order date:** 22 Dec 2022
- **Citation:** TCN-2022-NCLT-00052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ram-urban-infrastructure-limited-ia-no-2621-mb-2021-ia-no-1304-3537-mb-202-3cea2c4b

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed by financial creditors seeking the removal of the existing Resolution Professional (RP), Mr. Srigopal Choudhary, of the Corporate Debtor, Shree Ram Urban Infrastructure Limited, which was undergoing Corporate Insolvency Resolution Process (CIRP) initiated on 2019-11-06. The IAs were filed by SREI Equipment Finance Limited, IIRF India Realty XII Ltd. & Anr., and Indiabulls Housing Finance Ltd. The NCLT initially disposed of the IAs and directed the applicants to mutually decide on a new RP. Subsequently, Mr. Sapan Mohan Garg was appointed as the RP. However, SREI Equipment Finance Ltd. filed an IA seeking rectification of the order, and the NCLT partly allowed the application. Appeals were then filed

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## Facts

The Corporate Debtor, Shree Ram Urban Infrastructure Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-11-06. Mr. Srigopal Choudhary was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Subsequently, three Interlocutory Applications (IAs) were filed by SREI Equipment Finance Limited, IIRF India Realty XII Ltd. & Anr., and Indiabulls Housing Finance Ltd., seeking the removal of Mr. Srigopal Choudhary as RP and the appointment of a new RP. On 2022-11-24, the IAs were heard, and the matter was reserved for orders. On 2022-11-28, the NCLT disposed of the IAs and directed the counsels for the three applicants to mutually decide on a new RP. A joint memo was filed by SREI

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority (NCLT) erred in appointing Mr. Sapan Mohan Garg as the …

**Ratio:** The appointment of a Resolution Professional must adhere to the procedures and guidelines

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**Reasoning:** The NCLAT found that the NCLT committed an error by appointing Mr. Sapan Mohan Garg based

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**Interpretation:** The interpretation of the IBC emphasizes the importance of a fair and

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**Application:** In this case, the NCLT's appointment of Mr. Sapan Mohan Garg was deemed

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## Parties

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

## Timeline

- **2019-11-06 — CIRP Init…**: Corporate Debtor, ‘Shree Ram Urban Infrastructure Limited' was ordered into Corporate…
- **2019-11-06 — Appointment…**: Mr. SriGopal Choudhary was appointed as Interim Resolution Professional (IRP) of 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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