Allowed

In the matter of J.M.L. Marketings Pvt. Ltd. Ia No. 194-2022 in Cp (Ib) No. 218-ALD-2019

NCLT6 Jul 2022

Case brief

AI extract

What is this about?

The Tribunal allowed an application to replace the Interim Resolution Professional with a Resolution Professional after majority CoC approval and assurance of fee payment by the next CoC meeting.

What did the court decide?

Appointment of Mr. Madan Mohan Dhupar as RP in place of Mr. Shailesh Verma IRP, with document handover and assurance of fee payment in next CoC meeting.

In the matter of J.M.L. Marketings Pvt. Ltd. Ia No… — Insolvency and Bankruptcy | NCLT (2022)

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DIVISION BENCH ITEM NO. 4

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NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH PRAYAGRAJ

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IA No. 194/2022 INCP (IB) No. 218/ALD/2019

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CORAM:

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1. SHRI HARNAM SINGH THAKUR, HON’BLE MEMBER (JUDICIAL)

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2. SHRI SUBRATA KUMAR DASH, HON’BLE MEMBER (TECHNICAL)

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ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 6^th July, 2022, 2:30 PM

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NAME OF THE COMPANY	AMERICAN	EXPRESS BANKING
	CORP V/S	J.M.L. MARKETINGS
	PVT LTD
UNDER SECTION	7 IBC

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COUNSEL APPEARED THROUGH VIDEO CONFERENCING:

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Ms. Gulafsha Kureshi alongwith Sh. Abhishek Naik Adv.

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:For the Applicant in IA No. 194/2022 Ms. Ankita Bajpai, Adv. : For the IRP Sh. Sahilesh Verma

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ORDER

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The present application has been filed under Section 22(3)(b) of IBC, 2016 on behalf of the CoC for appointment of Mr. Madan Mohan Dhupar , the proposed RP in place of Mr. Shailesh Verma IRP.

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It is averred that in the 2^nd Meeting of CoC held on 08^th June, 2022, replacement of the present IRP with new RP has been approved with 72.04% voting share.

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Keeping in view the fact that the appointment of the new RP has been approved by CoC with majority and that Ms. Ankita Bajpai, Advocate appearing for IRP Mr. Shailesh Verma has no objection for replacement of new RP, however, it has been pointed out that the IRP fees and the other charges as mentioned Para 8 of application have not been paid.

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On the other hand, it is assured by the Ld. Counsel for the applicant Ms. Gulafsha Kureshi that the said fee and other charges including professional fees as expenses will be paid to the IRP on ratification by CoC. Let the same be done in the next meeting of CoC.

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In these circumstances, the IA No. 194/2022 is allowed and Mr. Madan Mohan Dhupar proposed RP is appointed in place of Sh. Shailesh Verma IRP. Sh. Shailesh Verma, IRP will be handed over all the documents with the new RP.

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Accordingly, IA No. 194/2022 is disposed of.

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(Subrata Kumar Dash) Member (Technical) 06^th , July, 2022

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(Harnam Singh Thakur) Member (Judicial)

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Kumud Naryan (PS)

In the matter of J.M.L. Marketings Pvt. Ltd. Ia No. 194-2022 in Cp (Ib) No. 218-ALD-2019

Case brief

What is this about?

What did the court decide?

In the matter of J.M.L. Marketings Pvt. Ltd. Ia No. 194-2022 in Cp (Ib) No. 218-ALD-2019

Case brief

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What did the court decide?

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