# In the matter of Steel Hypermart India Private Limited

> NCLT judgment dated 2024-04-17. Citation: TCN-2024-NCLT-01695. The document pertains to several Interlocutory Applications (I.A.) filed in a case under the…

- **Court:** NCLT
- **Order date:** 17 Apr 2024
- **Citation:** TCN-2024-NCLT-01695
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/steel-hypermart-india-private-limited-753c4c28

## Summary

### Background

The document pertains to several Interlocutory Applications (I.A.) filed in a case under the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT), Bengaluru Bench. The applications involve matters such as replacing the Resolution Professional (RP) for the Corporate Debtor, Steel Hypermart India Private Limited. The Disciplinary Committee of Insolvency Bankruptcy Board of India (IBBI) passed an order, and the Committee of Creditors (CoC) considered it, leading to the replacement of the existing RP with Shri Ravindra Beleyur. Other I.A.s concern filing objections and seeking relief related to the RP's role.

## Facts

The case involves Steel Hypermart India Private Limited, undergoing insolvency proceedings before the NCLT Bengaluru Bench. Several I.A.s are being considered, including I.A No. 187/2024, which seeks to relieve the existing RP, Shri Ramanahalli Shivanna Doddabyregowda, and appoint Shri Ravindra Beleyur as the new RP. The IBBI's Disciplinary Committee issued an order that was considered by the CoC. The CoC, with 100% voting, resolved to replace the existing RP. Shri Ravindra Beleyur provided written consent to be appointed as the new RP. The Respondent Counsel requested an opportunity to file objections in I.A. No. 317/2024, but the right to file objections was forfeited on 2024-03-01. The NCLT granted one last opportunity to file objections, subject to the payment of

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## Issues and analysis

### Issue 1: Whether Shri Ravindra Beleyur should be appointed as the new Resolution Professional for Steel …

**Ratio:** The ratio is based on the powers of the NCLT to appoint a new Resolution Professional,

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**Reasoning:** The NCLT reasoned that the CoC, with 100% voting, resolved to replace the existing RP,

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**Interpretation:** The interpretation involves the NCLT's authority to oversee the insolvency

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

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## Parties

- **Judges:** SH. K. B…; SH. MANOJ KUMAR…
- **Appellants:** M/s. Steel…
- **Respondents:** Steel Hypermart…; Chithra N…

## Timeline

- **2024-01-02 — IBBI Disciplinary…**: The Disciplinary Committee of the Insolvency Bankruptcy Board of India (IBBI) passed an…
- **2024-01-25 — CoC Meet…**: The 8th meeting of the Committee of Creditors (CoC) was conducted, where the IBBI's order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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