The Tribunal disposed of an application under Section 27 of the IBC to replace the suspended Resolution Professional with a new one nominated by the Committee of Creditors.
Appointment of Mr. Rohit Sehgal as the new Resolution Professional; direction to the previous RP to hand over documents and materials.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI COURT-VI
Item No. 102 IB-1082/ND/2020
IN THE MATTER OF: Canara Bank ...PETITIONER
Vs.
M/s. NSP Associates (India) Pvt. Ltd. …RESPONDENT
Section U/s 7 of IB Code, 2016 Order delivered on 11.03.2024 (Hearing through VC & Physical Mode)
Coram:
SHRI MAHENDRA KHANDELWAL, HON’BLE MEMBER (JUDICIAL) SHRI RAHUL BHATNAGAR, HON’BLE MEMBER (TECHNICAL)
PRESENT:
For the Petitioner/Financial Creditor : Adv. Gulafsha Kureshi and Adv. Abhishek Naik For the Erstwhile RP :CMA Kamal Deep Tyagi
ORDER
IA/1242/2024
This is an application filed by the Member of CoC under Section 27 of the IBC read with Rule 11 of NCLT Rules, 2016 seeking replacement of the Resolution Professional.
Heard the Ld. Counsel on behalf of the Applicant. It was submitted that this Adjudicating Authority vide order dated 09.12.2022 appointed Mr. Sandeep Kumar Bhatt as a Resolution Professional, however vide order dated 01.11.2023 passed by the IBBI Mr. Sandeep Kumar Bhatt has been suspended for two years. In view of this, the Committee of Creditors in its meeting held on 07.02.2024, decided to replace Mr. Sandeep Kumar Bhatt with Mr. Rohit Sehgal having IBBI registration no. IBBI/IPA-001/IPP00528/2017-2018/10953 as the new Resolution Professional. The consent from the said Resolution Professional and certificate of registration and valid AFA has been filed. Keeping in view, the facts and circumstances of the case, we appoint Mr. Rohit Sehgal details of whom are given above as the new Resolution Professional. The earlier Resolution Professional Mr. Sandeep
(Vidya Sagar)
Kumar Bhatt is directed to hand over all the documents and material available to the newly appointed Resolution Professional. Ld. Counsel on behalf of the Applicant undertakes to make payment of any dues to the previous Resolution Professional if already not paid by the CoC. With these observations, present IA is disposed off.
Sd/(Rahul Bhatnagar) Member (T)
Sd/(Mahendra Khandelwal) Member (J)
(Vidya Sagar)
2 issues framed by the court
Whether to replace the Resolution Professional suspended by the Recognised Body.
Whether to direct the erstwhile Resolution Professional to hand over documents and materials.
1 provisions across 1 enactments
Canara Bank
M/s. NSP Associates (India) Pvt. Ltd.
MAHENDRA KHANDELWAL
RAHUL BHATNAGAR
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
