# In the matter of Uthara Fashion Knitwear Limited IA(IBC)-1033(CHE)2022 in IBA-895-2019

> NCLT judgment dated 2022-10-17. Citation: TCN-2022-NCLT-00722. The document pertains to an application filed under Section 22(3)(b) along with Section 60(5)…

- **Court:** NCLT
- **Order date:** 17 Oct 2022
- **Citation:** TCN-2022-NCLT-00722
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/uthara-fashion-knitwear-limited-iaibc-1033che2022-in-iba-895-2019-9a25b855

## Summary

### Background

The document pertains to an application filed under Section 22(3)(b) along with Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the appointment of Mr. Chandrasekhar Sagutoor as the Resolution Professional (RP) for Uthara Fashion Knitwear Limited. The Committee of Creditors (CoC) had resolved to replace the Interim Resolution Professional (IRP) with a new RP and unanimously appointed Mr. Chandrasekhar Sagutoor.

## Facts

The Stressed Assets Stabilization Fund (SASF) filed an application to appoint Mr. Chandrasekhar Sagutoor as the Resolution Professional (RP) for Uthara Fashion Knitwear Limited. The Committee of Creditors (CoC) of Uthara Fashion Knitwear Limited unanimously resolved on 2022-07-30 to replace the existing Interim Resolution Professional (IRP) with a new RP. The CoC's decision was supported by 100% voting. The application was filed under Section 22(3)(b) and Section 60(5) of the IBC. Mr. Chandrasekhar Sagutoor holds registration No.IBBI/IPA-001/IP-P00960/2017-2018/11581. The existing IRP was Mr. Thilagar Murugesan.

## Issues and analysis

### Issue 1: Whether the application for the appointment of Mr. Chandrasekhar Sagutoor as the Resolution …

**Ratio:** The ratio is based on the powers of the Committee of Creditors (CoC) under Section

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**Reasoning:** The court reasoned that the CoC had unanimously resolved to replace the IRP with Mr.

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**Interpretation:** Section 22(3)(b) of the IBC grants the CoC the authority to appoint a

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

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## Parties

- **Judges:** DEEPTI M…; SAMEER…
- **Appellants:** Stressed Assets…
- **Respondents:** Uthara Fashion…; M/s Uthara…
- **Advocates:** K.M. Dharan…

## Timeline

- **2022-10-17 — Hearing…**: Hearing of National Company Law…
- **2022-07-30 — CoC Meet…**: First CoC meeting held where a resolution was…

## 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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