# In the matter of TOPLINE COMMODITIES PRIVATE LIMITED

> NCLT judgment dated 2025-01-06. Citation: TCN-2025-NCLT-00677. The case pertains to an application (IA) filed by the Financial Creditor seeking the…

- **Court:** NCLT
- **Order date:** 6 Jan 2025
- **Citation:** TCN-2025-NCLT-00677
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/topline-commodities-private-limited-c3614433

## Summary

### Background

The case pertains to an application (IA) filed by the Financial Creditor seeking the appointment of Mr. Raj Singhania as the Resolution Professional (RP) in place of the Interim Resolution Professional (IRP), Mr. Avishek Gupta. The application was filed under the Insolvency and Bankruptcy Code (IBC).

## Facts

The Canara Bank Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Topline Commodities Pvt Ltd under Section 9 of the IBC. Mr. Avishek Gupta was appointed as the Interim Resolution Professional (IRP). The Financial Creditor filed an Interlocutory Application (IA) seeking the replacement of Mr. Avishek Gupta with Mr. Raj Singhania as the Resolution Professional (RP). The IRP's counsel did not object to this replacement. The IA was numbered IA(I.B.C)/2183(KB)2024.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the replacement of the Interim Resolution Professional (IRP) with …

**Ratio:** The Tribunal has the authority to grant orders and directions as it deems fit and

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**Reasoning:** The Tribunal considered the application by the Financial Creditor and noted the absence

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**Interpretation:** The legal issue revolves around the Tribunal's discretion in CIRP matters,

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**Application:** In this specific case, the ratio is applied by allowing the replacement of Mr.

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** TOPLINE COMMODITIE…
- **Advocates:** Udit Ag…; A. R…

## Timeline

- **2025-01-06 — Hearing…**: Order sheet of the…

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