# In the matter of Sparkspell Homes Private Limited IA (IB) No.357-ALD-2020 in CP (IB) No.76-ALD-2019

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-03167. The case involves an application (IA No.357/ALD/2020) filed in CP (IB) No.76/ALD/2019 by the…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03167
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sparkspell-homes-private-limited-ia-ib-no357-ald-2020-in-cp-ib-no76-ald-2019-b7163978

## Summary

### Background

The case involves an application (IA No.357/ALD/2020) filed in CP (IB) No.76/ALD/2019 by the members of the Committee of Creditors (CoC) of Sparkspell Homes Private Limited seeking the replacement of the current Resolution Professional (RP). The Corporate Debtor was admitted into CIRP on 2019-08-28, and Mr. Mohit Maheshwari was appointed as the initial IRP, later replaced by Mr. Sudhir Shukla. The CoC filed the application for replacement of the RP, alleging that the RP was not performing his duties, withholding information, and acting in a biased manner. The CoC also accused the RP of not considering their request to convene a meeting for passing a resolution for liquidation of the Corporate Debtor as the CIRP period was expiring. The RP, on the other hand, alleged

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## Facts

The members of the Committee of Creditors (CoC) of Sparkspell Homes Private Limited filed an application seeking the replacement of the current Resolution Professional (RP). The Corporate Debtor, Sparkspell Homes Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-08-28. Initially, Mr. Mohit Maheshwari was appointed as the Interim Resolution Professional (IRP), who was later replaced by Mr. Sudhir Shukla as RP. The CoC alleged that the RP was not performing his duties, withholding information, and acting in a biased manner. They also claimed that the RP did not consider their request to convene a meeting for passing a resolution for liquidation, as the CIRP period was nearing its end. The RP, Mr. Anuj Kumar Tiwari, conducted the

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## Issues and analysis

### Issue 1: Whether the application for the replacement of the Resolution Professional (RP) by the Committee of …

**Ratio:** The court emphasized that the frequent replacement of the RP is not in line with the

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**Reasoning:** The court observed that this was the third RP appointed in the matter, indicating a

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**Interpretation:** The IBC intends for the RP to be an independent professional who guides the

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**Application:** In this case, the court found that the CoC's application for replacement was

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Deepak Gupt…
- **Respondents:** Sparkspell Homes…; Anuj Kumar…

## Timeline

- **2019-08-28 — CIRP Admi…**: Corporate Debtor admitted into CIRP…
- **2019-10-23 — RP Replac…**: Mr. Mohit Maheshwari replaced…

## 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)

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