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Global New Energies & Technologies Vs Diversification Agriculture Producer Company Ltd

National Company Law Tribunal · Decided on 1 January 2024 · Citation: (2024) 01 NCLT CK 0019

HON’BLE JUDGES
Praveen Gupta, Member (J) · Rajeev Mehrotra, Member (T)
ACTS & SECTIONS REFERRED
Insolvency and Bankruptcy Code, 2016 — Section 22(3)(b)
RESULT
Disposed Of
CASE NUMBER
IA No.669/2023 In CP (IB) No.89/ALD/2022
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Judgment

8 paragraphs · 391 words

IA NO.669/2023

Ld. Counsels representing the parties are present.

1.

This application has been filed U/s 22(3)(b) of the Code for seeking replacement of the erstwhile IRP and to appoint Mr. Pawan Kumar Agrawal in his place as the RP in the CIRP of the Corporate Debtor, for which a Resolution was taken up in the first CoC meeting held on 03.11.2023. As per this CoC meeting vide agenda item no.B3 mentioned at page 51 of the application, Mr. Pawan Kumar Agrawal has been approved to be appointed as the RP by 100% voting done by the sole member of the CoC.

2.

Ld. Counsel representing the erstwhile IRP however submits that the legal fees as well as the CIRP cost of the erstwhile IRP, Mr. Ankit Agarwal has not been paid so far, even though an invoice for an amount of approximately Rs.5.14 Lakh has been submitted to the COC, which includes the minimum fees to be paid to the IRP as per the Regulations, as well as CIRP cost as per the actual expenses. According to him, the said amount has still not been paid, and therefore the present application at this point of time may not be considered for appointment of new RP i.e. Mr. Pawan Kumar Agrawal replacing the erstwhile RP, Mr. Ankit Agarwal.

3.

On the contrary, the Ld. Authorized Representative/ Counsel for the CoC states that the name of Mr. Pawan Kumar Agrawal is proposed and approved by the CoC in the aforesaid meeting. He also undertakes to pay the due amount to the erstwhile IRP including the minimum fees prescribed under Regulation 34B of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) as well as the CIRP cost as per actual basis. He further undertakes to take up the matter with the CoC within a period of two weeks for releasing the due amount.

4.

With that undertaking in view, we deem it appropriate to allow the present application and Mr. Pawan Kumar Agrawal is appointed as the Resolution Professional, who would replace the erstwhile IRP. Ld. Counsel for the erstwhile IRP is granted liberty if he has any remaining grievances on this aspect.

5.

Further progress/ steps would be expeditiously taken up by the newly appointed RP for completion of the CIRP process.

6.

Accordingly, IA No.669/2023 stands disposed off.