# In the matter of Supreme And Company Private Limited

> NCLT judgment dated 2024-08-30. Citation: TCN-2024-NCLT-00711. An application has been filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Aug 2024
- **Citation:** TCN-2024-NCLT-00711
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-and-company-private-limited-2e3e04a0

## Summary

### Background

An application has been filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs including the replacement of the Interim Resolution Professional and the appointment of Mr. Sanjai Kumar Gupta as the Resolution Professional under Section 23(3)(b) of the Code. Alternatively, the Tribunal may forward the name of Mr. Sanjai Kumar Gupta to the IBBI for confirmation. The reason for the application is mentioned in page nos. 9 and 10 at paragraph nos. 6 to 9 of the application.

## Facts

An Interlocutory Application (IA) IA(I.B.C)/1808(KB)2024 has been filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016 ("IB Code"). The applicant seeks the replacement of the Interim Resolution Professional (IRP) and the appointment of Mr. Sanjai Kumar Gupta (Reg. No. IBBI/IPA-001/IP-P00592/2017-2018/11045) as the Resolution Professional (RP) under Section 23(3)(b) of the Code. Alternatively, the applicant requests the Tribunal to forward Mr. Gupta's name to the IBBI for confirmation. The reasons for this application are detailed on pages 9 and 10, paragraphs 6 to 9 of the application. The Tribunal has perused the application and documents, heard the counsel for the CoC, and is satisfied with the prayer made in the IA.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the replacement of the Interim Resolution Professional and …

**Ratio:** Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016 allows for the replacement

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**Reasoning:** The Tribunal, having reviewed the application, supporting documents, and heard the

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**Interpretation:** Section 22(3)(b) provides the legal basis for the applicant to request the

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**Application:** Given the Tribunal's satisfaction and the provisions of Section 22(3)(b), the

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** Consolidated…; Supreme and…

## Timeline

- **2024-08-30 — Hearing…**: Order sheet of the…
- **2024-09-03 — Further Consi…**: Matter listed for further…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(3) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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