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Judgment
Jinan K.R., J
This unnumbered interlocutory application in CP(IB) No. 1129/KB/2019 under Section 22 of the Insolvency and Bankruptcy Code, 2016 has been filed by the applicant (Committee of Creditors) for replacing the IRP Mr. Bijay Murmuria with Mr. Santanu Brahma as the Resolution Professional of the Corporate Debtor for the reason that the IRP Mr. Bijay Murmuria is claiming fee at the rate of Rs. 3,54,000 (Rupees Three Lakh Fifty Four Thousand), which is more than 3.5 times the fee of the proposed Resolution Professional.
This application was filed requesting for urgent hearing in the matter since there has been much delay due to the country wide lockdown in the pandemic situation. Having been satisfied with the grounds of the appeal and the urgency, the application is admitted and listed for hearing on today (01.07.2020).
Heard both sides. No defence notes seen submitted on the side of the IRP. Perused the records.
Ld. Counsel Mr. Shaunak Mitra for the applicant submitted that CoC with 100% voting share decided to replace Mr. Bijay Murmuria with Mr. Santanu Brahma as the Resolution Professional of the Corporate Debtor. According to him, the written consent from the proposed RP is annexed with the application.
The reason stated for such a removal though not in conformity with the Circular No. IBBI-IP/013/21H dated 12.06.2019, the Hon'ble appellate Tribunal in the case of Axis Bank Ltd. Vs. Sixth Dimension Project Solution Ltd., has observed that in an application filed under Section 22 and 27 of the I & B Code, 2016 the applicants "do not require giving reason for replacement". Being satisfied that CoC by 100% voting share decided to replace the IRP with the newly proposed RP and produced the written consent in the prescribed format an application of this nature is liable to be allowed. At this juncture, the Ld. Counsel for IRP Mr. Anuj Singh, submits that the fee and costs Alfred spent by the IRP has not been paid by the CoC and therefore, a direction to that effect is to be issued to the CoC. However, Ld.Counsel for the applicant submits that the CoC is ready and willing to pay the fees and the expenditure with supporting vouchers. Recording the submission on the side of the CoC, we are inclined to allow the application upon the following orders:
ORDER
(i) Replacement of Mr. Bijay Murmuria with Mr. Santanu Brahma, having Registration No. IBBI/IPA-001/IP-01482/2018-19/12251 as the Resolution Professional of the Corporate Debtor is hereby approved.
(ii) Mr. Bijay Murmuria is hereby directed to handover all the records with him immediately to the RP preferably within one week.
(iii) The expenditure rendered by the outgoing IRP, Mr. Bijay Murmuria and the fees due to him as approved by the CoC till this date (1.7.2020) shall be paid by the CoC within 2 weeks of the date of receipt of email copy of this order subject to its satisfaction of the vouchers submitted before it.
(iv) Unnumbered IA(IB)No....../KB/2020 in CP(IB) No. 1129/KB/2019 is allowed and disposed of as above. There shall be no orders as to cost.
(v) Registry is directed to serve e-mail copy of the order to both the parties forthwith.