Allowed

In the matter of D. K. Realty (India) Private Limited IA-04 & 05-2023 in C.P. (IB)-1170(MB)2021

NCLT5 Jan 2023

Case brief

AI extract

What is this about?

The NCLT allowed an application to replace the Interim Resolution Professional (IRP) with a new Resolution Professional (RP) appointed by the Committee of Creditors. The court also directed the suspended Board of Directors to file an affidavit listing requested documents and served notice on the respondent for a further hearing.

What did the court decide?

Application under Section 22 for replacing IRP was allowed and disposed. Instructions issued to suspended Board of Directors regarding affidavit submission and document lists.

In the matter of D. K. Realty (India) Private Limited… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH

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COURT – IV

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IA-05/2023, IA-04/2023 IN C.P. (IB)/1170(MB)2021

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CORAM:

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SHRI PRABHAT KUMAR SHRI KISHORE VEMULAPALLI MEMBER (Technical) MEMBER (Judicial)

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ORDER SHEET OF THE HEARING HELD ON 05.01.2023

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NAME OF THE PARTIES:

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Liv Smart Welfare Association Vs. D. K. Realty (India) Private Limited

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SECTION: 7, 19(2), 22(3) (b) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016.

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O R D E R

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The Court is convened through Video Conference.

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Mr. Amar Vivek a/w Mr. Abhinav Tyagi, Ld. Counsel for the Applicant present. None for the Respondent.

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IA-04/2023 : This is an Application filed by the Applicant/IRP of Corporate Debtor under Section 22 of the IBC for replacing the Applicant/IRP i.e. Mr. Nitin Jain and appointing newly proposed RP; AAA Insolvency Professional LLP, an Insolvency Professional Entity as the Resolution Professional of the Corporate Debtor having registration number IBBI/IPE-0002/IPA-1/2022-23/50001.

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Applicant submits that, the Applicant herein made public announcement in Form A on 18.11.2022 inviting creditors to file their claims before the Applicant on or before 29.11.2022. In pursuance of the claims received, the Applicant started verification of the said claims and constituted the Committee of Creditors (CoC). Accordingly, he submits that the first CoC meeting held on 12.12.2022 and the Applicant herein informed the members of the CoC that as per Section 22(2) of the IBC, the CoC in its first meeting shall decide to appoint the IRP as the RP or to replace the IRP by another RP. The CoC has passed the said resolution with

Contin…2

05.01.2023 / Bmb

: 2 :

100% voting. Applicant has filed copy of the resolution along with the Application. As per the recommendation of the CoC, IRP filed the present Application for replacing the Applicant/IRP i.e. Mr. Nitin Jain and appointing newly proposed RP; AAA Insolvency Professional LLP, an Insolvency Professional Entity as the Resolution Professional of the Corporate Debtor having registration number IBBI/IPE-0002/IPA-1/2022-23/50001.

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In view of the submissions made by the Applicant and perused the records, IA04/2023 is allowed and disposed of .

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IA-05/2023 : This is an Application filed by the Applicant u/s 19(2) for seeking cooperation from the suspended Board of Directors.

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The suspended Board of Directors are directed to file an affidavit what are the documents are asking by the RP and supplied by them categorically.

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Counsel for the RP is directed to file an affidavit stating that what are the list of necessary documents required and what are the documents got by him from the suspended Board of Directors by the next date of hearing.

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Registry is directed to issue Court Notice to the Respondent clearly indicating the next date of hearing. Counsel for the IRP is directed to collect the Court Notice from the Registry/Court Officer and serve it upon the Respondent by all available means and file proof of service within two weeks.

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Ld. Counsel for the Respondent is directed to file reply by duly serving the copy on the other side within two weeks from the date of receipt of Court Notice.

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List this matter for further consideration on 06.03.2023 .

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Sd/Sd/PRABHAT KUMAR KISHORE VEMULAPALLI Member (Technical) Member (Judicial)

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05.01.2023 / Bmb

In the matter of D. K. Realty (India) Private Limited IA-04 & 05-2023 in C.P. (IB)-1170(MB)2021

Case brief

What is this about?

What did the court decide?

In the matter of D. K. Realty (India) Private Limited IA-04 & 05-2023 in C.P. (IB)-1170(MB)2021

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

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