# In the matter of Stone India Limited I.A. (IB) No. 40-KB-2022 in C.P. (IB) No. 565-KB-2020

> NCLT judgment dated 2022-02-28. Citation: TCN-2022-NCLT-03943. The case involves an application filed by Indian Overseas Bank under Section 22 of the…

- **Court:** NCLT
- **Order date:** 28 Feb 2022
- **Citation:** TCN-2022-NCLT-03943
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/stone-india-limited-ia-ib-no-40-kb-2022-in-cp-ib-no-565-kb-2020-df9fe3fa

## Summary

### Background

The case involves an application filed by Indian Overseas Bank under Section 22 of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the Interim Resolution Professional (IRP), Mr. Kuldeep Verma, with Mr. Sanjai Kumar Gupta as the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of Stone India Limited. The CIRP was initiated against Stone India Limited based on a Company Petition filed by the Applicant, ICICI Bank Limited, which was admitted by the Adjudicating Authority on 09.11.2021.

## Facts

ICICI Bank Limited is the Financial Creditor. Stone India Limited is the Corporate Debtor. Indian Overseas Bank filed an application under Section 22 of the Insolvency and Bankruptcy Code, 2016, to replace the Interim Resolution Professional (IRP) Mr. Kuldeep Verma with Mr. Sanjai Kumar Gupta as the Resolution Professional (RP). The Corporate Insolvency Resolution Process (CIRP) was initiated against Stone India Limited vide order dated 09.11.2021. The Committee of Creditors (CoC) was duly constituted, and its first meeting was held on 07.12.2021. The CoC resolved to appoint Mr. Sanjai Kumar Gupta as the RP. Mr. Sanjai Kumar Gupta has the required registration and authorization. The underlying Company Petition bearing C.P. (IB) No. 565/KB/2020 was filed by the

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## Issues and analysis

### Issue 1: Whether the application for replacement of the Interim Resolution Professional with a Resolution …

**Ratio:** Section 22 of the Insolvency and Bankruptcy Code, 2016, allows for the replacement of the

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**Reasoning:** The court considered the application filed under Section 22 of the Code, seeking the

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**Interpretation:** Section 22 provides a mechanism for the CoC to influence the selection of the

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**Application:** The application by Indian Overseas Bank, representing the CoC, was made under

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Indian Overseas…
- **Respondents:** Stone India…; ICICI Bank…

## Timeline

- **2021-11-09 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2021-12-07 — First CoC M…**: The first meeting of the…

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