Allowed

In the matter of Ten K Overseas Ltd. Ia Nos. 1166 & 1169-2022 In Cp (Ib) No. 275-Chd-Pb-2022

NCLT15 Sept 2022

Case brief

AI extract

What is this about?

The NCLT allowed the replacement of the Interim Resolution Professional with the Resolution Professional as approved by the Creditors' Committee, directed the handover of records, and allowed the admission of the second progress report.

What did the court decide?

Replacement of IRP with RP approved; handover of records directed; second progress report taken on record.

In the matter of Ten K Overseas Ltd. Ia Nos. 1166… — Insolvency and Bankruptcy | NCLT (2022)

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Page 1 of 2

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THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (through web-based video conferencing platform)

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Item No. 55 IA Nos. 1166/2022 & 1169/2022 In

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CP (IB) No. 275/Chd/Pb/2022 (Admitted Matter)

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Under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of NCLT Rules, 2016 In the matter of:- Intec Capital Ltd. …Financial Creditor Vs. Ten K Overseas Ltd. …Corporate Debtor Present through Video Conferencing:

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Mr. Reshabh Bajaj, Advocate for applicant in IA No. 1166/2022. None for the applicant in IA No. 1169/2022.

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IA No. 1166/2022

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The present application has been filed for replacement of Mr. Vivek Bansal, IRP by appointing new RP Mr. Rajeev Khurana. This has been approved by the COC in its 4^th Meeting held on 29.08.2022 with 100% voting share in favour of replacement of Mr. Vivek Bansal and for appointment of Mr. Rajeev Khurana as Resolution Professional. The consent letter of Mr. Rajeev Khurana is appended as Annexure P-7 and the Certificate of Registration is also annexed. Keeping in view the facts and circumstances and that the CIRP is a time bound process, let Mr. Vivek Bansal, IRP be replaced with Mr. Rajeev Khurana, new proposed RP subject to verifying his antecedents. Let the Registry access the online database provided by IBBI to check the antecedents and verify whether any disciplinary proceedings are pending against the proposed RP Mr. Rajeev Khurana. The report be filed within one week. It is

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made clear that COC would ratify the arrears of the fee and other expenses

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IA Nos. 1166/2022 & 1169/2022

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In CP (IB) No. 275/Chd/Pb/2022 (Admitted Matter)

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Page 2 of 2

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made by IRP Mr. Vivek Bansal as per resolution passed in first COC Meeting in item No.8. It is directed that:

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i) Mr. Vivek Bansal, 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;

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ii) Mr. Rajeev Khurana, 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;

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

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Accordingly, IA No. 23/2021 is allowed and disposed of

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accordingly.

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IA No. 1169/2022

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2^nd progress report for the period from 01.07.2022 to 31.08.2022 with affidavit has been filed by Interim Resolution Professional. The same is taken on record subject to just exceptions. Thus, IA No. 1169/2022 is disposed of accordingly.

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Sd/Sd/(Subrata Kumar Dash) (Harnam Singh Thakur) Member (Technical) Member (Judicial)

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September 15, 2022 YP

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IA Nos. 1166/2022 & 1169/2022

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In CP (IB) No. 275/Chd/Pb/2022 (Admitted Matter)

In the matter of Ten K Overseas Ltd. Ia Nos. 1166 & 1169-2022 In Cp (Ib) No. 275-Chd-Pb-2022

Case brief

What is this about?

What did the court decide?

In the matter of Ten K Overseas Ltd. Ia Nos. 1166 & 1169-2022 In Cp (Ib) No. 275-Chd-Pb-2022

Case brief

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What did the court decide?

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