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Judgment
This Application has been filed by the Committee of Creditors of M/s. Dnyayogi Shri Shivakumar Swamiji Sugars Ltd. under Section 22(3) (b) and 60(5) of the IBC, 2016 read with Rule 11 o the NCLT Rules, 2016, seeking replacement of the IRP, Mrs. Pavitra Vyas by appointing Mr. Shivadutt Bannanje as RP.
Heard Mr. Devraj Ashok, learned Counsel for the Applicant and Mr. Y Suryanarayan, learned Counsel for the IRP seeking to intervene the I.A.
This Adjudicating Authority vide order dated 07.03.2022 initiated the CIRP against the Corporate Debtor by admitting CP(IB)No.09 of 2022 and by appointing Mrs. Pavitra Vyas as IRP.
The CoC in its (1^{\text{st}}) meeting held on 06.04.2022 with (72.72%) voting share resolved to reject the proposal for continuation of the IRP as RP.
Thereafter the CoC in its (2^{\text{nd}}) meeting held on 25.04.2022 with (72.22%) voting share resolved to appoint Mr. Shivadutt Bannanje as RP in place of IRP Mrs. Pavitra Vyas. A copy of both the resolutions have been filed along with the IA.
Form AA i.e. the written consent of the said Mr. Shivadutt Bannanje is filed along with the instant I.A at Annexure-G.
It is settled law that the CoC can appoint any qualified Resolution Professional as RP to conduct the CIRP proceedings against the Corporate Debtor. The only requirement is that the Resolution to appoint the RP should be passed with more than (66%) of voting share. Since, the said requirement and other requirements such as filing of written consent etc. are fulfilled, we are of the view that the instant Application is liable to be allowed.
The contention of the learned Counsel appeared for the intervener/IRP with regard to non-furnishing of the copy to her etc., are unsustainable.
In the circumstances and in view of the Resolution passed by the CoC the instant I.A is allowed and Mr. Shivadutt Bannanje is appointed as RP in place of Mrs. Pavitra Vyas. The IRP shall hand over charge to the newly appointed RP forthwith. However, the CoC shall consider the fees and expenses claims of the IRP, if any, in accordance with the Code and Regulations made thereunder as expeditiously as possible.
Accordingly I.A is disposed of.