# In the matter of Worlds Window Impex Pvt. Ltd. IB-376-ND-2020

> NCLT judgment dated 2022-04-08. Citation: TCN-2022-NCLT-03304. The State Bank of India filed an application under Section 20(3)(b) of the IB Code, 2016,…

- **Court:** NCLT
- **Order date:** 8 Apr 2022
- **Citation:** TCN-2022-NCLT-03304
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/worlds-window-impex-pvt-ltd-ib-376-nd-2020-a9129745

## Summary

### Background

The State Bank of India filed an application under Section 20(3)(b) of the IB Code, 2016, seeking the replacement of the Interim Resolution Professional (IRP). Initially, Mr. Sanjay Gupta was appointed as the Resolution Professional based on SBI's application. Subsequently, the Committee of Creditors (CoC) decided to replace Mr. Sanjay Gupta with Mr. Kapil Dev Taneja.

## Facts

State Bank of India (SBI) initiated proceedings under the IB Code, 2016. Mr. Sanjay Gupta was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed. The CoC decided to replace Mr. Sanjay Gupta with Mr. Kapil Dev Taneja. SBI, as an authorized entity by the CoC, filed an application for the replacement of the IRP. The application was filed under Section 20(3)(b) of the IB Code, 2016. The CoC meeting was held on 03.03.2022. The initial appointment of Mr. Sanjay Gupta was made on 23.12.2021. The registration number of Mr. Kapil Dev Taneja is IBBI/IAP-003/IP-N00069/2017-18/10547. The fees and expenses of the previous IRP were to be cleared within five days.

## Issues and analysis

### Issue 1: Whether the application for the replacement of the Interim Resolution Professional (IRP) should be …

**Ratio:** The decision of the Committee of Creditors (CoC) regarding the replacement of the IRP is

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**Reasoning:** The Tribunal considered the CoC's decision to replace Mr. Sanjay Gupta with Mr. Kapil Dev

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**Interpretation:** The IB Code allows the CoC to make decisions regarding the appointment and

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**Application:** In this case, the CoC decided to replace Mr. Sanjay Gupta with Mr. Kapil Dev

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** State Bank of…
- **Respondents:** M/s. World Window…

## Timeline

- **2022-03-03 — CoC Meet…**: The Committee of…
- **2021-12-23 — Appointment…**: Mr. Sanjay Gupta was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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