# In the matter of Sunil Gupta vs. Canara Bank

> NCLT judgment dated 2024-05-10. Citation: TCN-2024-NCLT-01373. The application was filed by the Applicant/Resolution Professional under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 10 May 2024
- **Citation:** TCN-2024-NCLT-01373
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sunil-gupta-vs-canara-bank-a8e340f6

## Summary

### Background

The application was filed by the Applicant/Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking discharge from his duties as Resolution Professional appointed in C.P.(IB) No.430/ND/2023, due to medical illness. An application under Section 94(1) of the Insolvency & Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 bearing CP (IB) No. 430 of 2023 had been filed by Mr. Sunil Gupta, Personal Guarantor to M/s SNR Electronics Limited for initiating the Insolvency Resolution Process in respect of himself. The Adjudicating Authority appointed Mr. Aashish Gupta as Resolution

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## Facts

Mr. Sunil Gupta, the Personal Guarantor to M/s SNR Electronics Limited, initiated the Insolvency Resolution Process. Mr. Aashish Gupta was appointed as the Resolution Professional (RP) by the Adjudicating Authority on February 12, 2024, as the personal guarantor did not propose any RP. Mr. Aashish Gupta sought discharge from his duties due to a medical condition, Pilonidal Sinus, requiring surgery and a 2-month recovery period. Medical reports dated April 1, 2024, and April 2, 2024, confirmed his condition. The RP filed an application under section 60(5) of the Code read with rule 11 of the National Company Law Tribunal Rules, 2016. The court appointed Ms. Rashmi Mintri as the new RP and directed the erstwhile RP to hand over all documents to her.

## Issues and analysis

### Issue 1: Whether the Resolution Professional, Mr. Aashish Gupta, should be discharged from his duties due to …

**Ratio:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The court considered the medical evidence presented by Mr. Aashish Gupta, which indicated

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**Interpretation:** The court interpreted Section 60(5) of the IBC and Rule 11 of the NCLT Rules to

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**Application:** The court applied the legal principles to the specific facts of the case,

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Sunil G…
- **Respondents:** SNR Electronics…; Canara…

## Timeline

- **2024-02-12 — Appointment of Aashish…**: The Adjudicating Authority appointed Mr.…
- **2024-03-28 — Intimation to Aashish…**: Mr. Aashish Gupta was intimated regarding his appointment as the RP for the IR Process of…

## 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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