Master Consultancy Services vs A School India Pvt. Ltd. And Another

It is an application seeking for the change of the IRP as appointed by this Tribunal to RP as proposed in the application. At the time of initiating

CIRP for the Corporate Debtor vide order dated 08.11.2019, one Mr. S.R. Krishnan was appointed as IRP. Upon notice, the Counsel for the IRP

brings to the notice of this Tribunal that the Operational Creditor is the sole member of the CoC constituted by the IRP, pursuant to the provisions of

IBC, 2016. It is further represented by the Counsel for the IRP that at that time of CIRP, the Operational Creditor being the Applicant has agreed to

pay Rs. 90,000/-, however, the same has not been agreed according to the Counsel for the Operational Creditor. It is further represented by the

Counsel for the Operational Creditor that subject to negotiations and as per the decision of the CoC, fees and cost will be paid. However, as per

Regulation 33(3) of IBBI namely IBBI under CIRP Regulations, the Applicant who has initiated proceedings before this Tribunal is required to pay the

fees and cost of the CIRP subject to ratification by CoC. In the present circumstances, let the payment be paid by the Applicant to the erstwhile IRP

within 15 days from today for which purpose, the IRP is directed to file necessary memo with the CoC along with vouchers and receipts in relation to

expenses and fees for consideration of the CoC.

Upon notice, the 3rd Respondent (the proposed RP) has also brought to the notice of this Tribunal that the consent for the appointment of RP is

available in Form 2 at Page 23 as reflected in the application. Even though it is seen from the said form that the RP is handling three resolutions for

CIRPs, the Counsel for the RP represents that one of the companies is under liquidation and in relation to another CIRP is at its end and in the

circumstances and in relation to other, change of the IRP to RP has been effected. In the circumstances, it may not be difficult for the RP to handle

CIRP for the Corporate Debtor. Taking into consideration the representation of the Counsel for the Applicant as well as representations as put forth

by the Counsel for the proposed RP viz., Mr. L.V. Shyam Sundar, Mr. L.V. Shyam Sundar [Regn. No. IBBI/IPA-002/IPN00262/2017-

18/10775] is appointed as RP in the place of the erstwhile IRP appointed by this Tribunal. The erstwhile IRP shall hand over all documents in relation

to the Corporate Debtor and obtain due discharge as the IRP appointed by this Tribunal. This application stands allowed.

Taking into consideration Section 22(4) of the Insolvency & Bankruptcy Code, 2016, let the Rcgistry communicate this order to IBBI for

confirmation from IBBI. To await confirmation of IBBI, post this matter on 06.02.2020.