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Judgment
ORDER
PER: MANNI SANKARIAH SHANMUGA SUNDARAM, MEMBER (JUDICIAL)
The instant application is filed by Mr. Mukesh Kumar Jain, (‘Applicant’), Interim Resolution Professional of M/s Futuristics Metal Trading Pvt. Ltd. (‘Corporate Debtor’) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking the following prayers: -
a. Allow this Application
b. That this Hon'ble Tribunal may be pleased to relieve the Applicant (Interim Resolution Professional) appointed pursuant to order dated 04.10.2024 in CP/IB/No. 588/ND/2023.
c. To appoint another Resolution Professional from the Panel of Resolution Professional in the above mentioned CIRP process;
d. To pass any other or further order of any nature, direction as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case.
Briefly stated facts of the present case as averred by the Applicant are that-
This Adjudicating Authority vide order dated 02.07.2024 had initiated Corporate Insolvency Resolution Process against M/s Futuristics Metal Trading Pvt. Ltd. (‘Corporate Debtor’) on an application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 and appointed Chiranjib Chakraborty as the Interim Resolution Professional of the Corporate Debtor. On 04.10.2024, the Applicant was appointed as Interim Resolution Professional. The copy of the order 04.10.2024 is placed on record.
The present application is filed by the applicant/interim resolution professional seeking indulgence of the Adjudicating Authority in relieving the present applicant from the role of Interim Resolution Professional and be seeking Adjudicating Authority to appoint another Interim Resolution Professional in place of the present Interim Resolution Professional/applicant on the ground that the applicant is aged around 58 years and he has to take care of his father who is 83 years, who is suffering from dementia and he has to frequently travel to Jaipur for taking care of him and as such he is not in a position to undertake the present assignment. The copy of medical examination and medical reports are annexed to the application.
Taking into consideration the said submissions made by the Learned Counsel for the Applicant as well as the averments contained in the Application, we acknowledge the importance of maintaining the continuity and integrity of the Corporate Insolvency Resolution Process (CIRP) and, therefore, finds it imperative to proceed with the appointment of a new Interim Resolution Professional. Accordingly, we hereby confirm the replacement of the present IRP i.e., Mr. Mukesh Kumar Jain and appoint Mr. Mohit Goyal from the panel suggested by IBBI for this Bench for the period of 1st July, 2024 to 31st December, 2024. Mr. Mohit Goyal having Registration no. IBBI/IPA-001/IP-P-02395/2021-2022/13636, email: [email protected]. The Interim Resolution Professional (IRP) of the Corporate Debtor is hereby appointed subject to submission of a valid Authorisation for Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 within three days of this order. The applicant will stand discharged from the duties & responsibilities of the IRP from the date of receipt of this order and the charge shall be taken by Mr. Mohit Goyal. This Order shall be read with Order dated 02.07.2024 wherein application bearing no. C.P. (IB)/588/ND/2023 was admitted.
Resultantly, the present application i.e., I.A./5193/2024 stands allowed and disposed of.