Ricela Health Foods Limited vs Evershine Solvex Private Limited

IA No. 240/2020

This application has been filed by Bank of India, the Financial Creditor and one of the Member of the COC having 99.76% voting share, under Section 22(3)(b) of the Code seeking replacement of the Interim Resolution Professional by appointing Shri Mohit Chawla as the Resolution Professional.

The CP (IB) No. 281/Chd/Pb/2019 filed against the Evershine Solvex Private Limited-the corporate debtor was admitted by this Adjudicating Authority on 27.02.2020 and Mr. Anjum Goyal was appointed as the Interim Resolution Professional on the same date.

It is stated that the Committee of Creditors in its first meeting held on 08.04.2020 resolved to replace the Interim Resolution Professional by appointing Shri Mohit Chawla as the Resolution Professional. The copy of the minutes is filed at Page 4 of the IA and the certificate of registration and form AA of the Proposed Resolution Professional are filed at Page Nos. 11 and 12 of the IA.

Under sub section (4) of Section 9 of the Code, the Adjudicating Authority has to forward the name of Resolution Professional proposed under clause (b) of sub section (3) to the Insolvency and Bankruptcy Board of India for its confirmation and shall make such appointment after the confirmation of Board. IBBI has already sent letter No. IBBI/NCLT/2017-18/17/160/200, dated 03.11.2017 to the effect that there is a database already prepared in respect of all the registered resolution professional, which discloses whether any disciplinary proceeding is pending against an Insolvency Professional. So, in case, there is nothing against the person proposed, the Adjudicating Authority may appoint such person instead of seeking the confirmation from the IBBI. The Law Research Associate attached to this Tribunal has taken the print out from the database of Insolvency and Bankruptcy of India and the present status in respect of Mr. Mohit Chawla, IP is that there is nothing adverse on record.

In view of the foregoing facts and in view of the passing of the resolution with the required percentage of voting of the COC, we allow the instant application and appoint Mr. Mohit Chawla, having registration No. IBBI/IPA-001/IP-P00524/2017-2018/10949, Address: SCO 2935-36, Sector 22-C, Chandigarh as the Resolution Professional by replacing Mr. Anjum Goyal, the Interim Resolution Professional for continuing with the insolvency resolution process in respect of the corporate debtor. It is directed that:

i) Mr. Anjum Goyal, the Interim Resolution Professional shall hand over the entire records and the assets of the company which have been taken over by him in the course of the corporate insolvency resolution process to the Resolution Professional forthwith;

ii) Mr. Mohit Chawla, Resolution Professional shall take over the charge of the aforesaid records and the assets and perform his duties as required under the Code and the Regulations;

iii) Mr. Mohit Chawla, Resolution Professional is directed to send regular progress reports to this Tribunal every fortnight.

Accordingly, IA No. 240/2020 stands disposed of.

Copy of this order be supplied to the learned counsel for the applicant, IRP and newly appointed R.P. by the Registry.