Partly allowed

In the matter of Steel Hypermart India Private Limited [Ia No. 185, 186 & 187-2024, I.A No.281, 317, 318, 336 & 640-2023, I. a No. 246-2022 in Cp (Ib) No.216-BB-2020]

NCLT17 Apr 2024IA No. 185, 186 & 187-2024, I.A No.281, 317, 318, 336 & 640-2023, I. A No. 246-2022 in CP (IB) No.216-BB-2020

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IN THE NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCH, BENGALURU. The tribunal allowed ILA No.187/2024, appointing Shri Ravindra Beleyur as the new Resolution Professional for M/s. Steel Hypermart India Private Limited after the Committee of Creditors resolved to replace the existing RP. ILA No. 185 & 186/2024 related to file permissions. ILA No.336/2023 was disposed of as infructuous due to the ap

What did the court decide?

Shri Ravindra Beleyur appointed as new Resolution Professional; I.A No. 185 & 186/2024 granted permission to file physical copy; I.A No.336/2023 disposed of as infructuous.

In the matter of Steel Hypermart India Private Limited… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCH, BENGALURU

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[Through Physical hearing/VC Mode (Hybrid)]

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ITEM No.13 I. A No. 246/2022 I.A No.281, 317, 318, 336, 640/2023 IA No. 185, 186 & 187/2024 in CP (IB) No.216/BB/2020

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IN THE MATTER OF:

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M/s. Steel Hypermart India Private Limited

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.... Petitioner

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Order under Section 10 of the I & B Code, 2016

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Order delivered on: 17.04.2024

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CORAM:

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SH. K. BISWAL HON’BLE MEMBER (JUDICIAL)

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SH. MANOJ KUMAR DUBEY

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HON’BLE MEMBER (TECHNICAL)

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PRESENT:

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For the Applicant in I.A No.640 & For Respondent in I.A No.185 & 186/2024 : Shri Varun S For Applicant in I.A No. 185, 186 & 187/2024 & Respondent I.A No.640, 317. 318, 336, 246/2023 : Mrs. Chithra Nirmala

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ORDER

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I.A No.185 & 186/2024

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Heard the Ld. Counsel for the Applicant and Respondent.

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The Respondent Counsel submitted that the reply has been e-filed on 02.04.2024 and seeks permission to file physical copy in the registry and the same is permitted. Thereafter one week time is granted to the Applicant to file rejoinder if any. List on 19.06.2024 .

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I.A No.187/2024

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This application is filed by the Applicant under Section 27 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 interalia seeking to relieve Shri Ramanahalli Shivanna Doddabyregowda as

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Resolution Professional of the Corporate Debtor and appoint Shri Ravindra Beleyur, Insolvency Professional as new Resolution Professional of the Corporate Debtor M/s. Steel Hypermart India Private Limited.

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Heard the Learned Counsel for the Applicant.

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It is stated in the application that the order passed by the Disciplinary Committee of Insolvency Bankruptcy Board of India dated 02.01.2024 against the Resolution Professional was placed before the 8^th meeting of the Committee of Creditors (CoC) conducted on 25.01.2024 and the CoC has considered the said order of the Disciplinary Committee along with Resolution Professional (RP) letter dated 29.12.2023 addressed to CoC wherein the RP has sought to be replaced, by new RP. The CoC with 100% voting resolved to replace the Resolution Professional Shri R.S.Byregowda, and approved to appoint Shri Ravindra Beleyur as new Resolution Professional of M/s. Steel Hypermart India Private Limited. The written consent given by Shri Ravindra Beleyur, Insolvency Professional is enclosed as Annexure F & G of the application.

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In view of the facts and circumstances of the case, the present IA is allowed and Shri Ravindra Beleyur, Insolvency Professional having IBBI Registration No.IBBI/IPA-001/IP-00189/2017-18/103683 is appointed as the Resolution Professional of M/s Steel Hypermart India Private Limited, Corporate Debtor. Accordingly , I.A No. 187/2024 is disposed of.

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I.A No.317/2024

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Heard the Ld. Counsel for the Applicant and Respondent.

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The Respondent Counsel requested one last opportunity to file his objection in the I.A. However it is noticed that the right to file objection was forfeited on 01.03.2024.

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However, at the request of the Respondent Counsel, final one week time is granted to the Respondent to file objections, subject to the payment of cost of Rs.10,000/- (Rupees Ten thousand only) to be paid by the Respondent infavour of the Prime Minister’s National Relief Fund. The reply will be considered only after the payment of cost.

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Thereafter, one week time is granted to the Applicant to file rejoinder, if any. List on 19.06.2024.

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I.A No.336/2023

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This application is filed by the Applicant under Section 60 (5) of the Insolvency and Bankruptcy Code 2016 read with Rule 11 of the National Company Law Tribunal 2016 seeking to remove the Respondent as the Resolution Professional of the Corporate Debtor and replace him with another Insolvency Professional registered with the IBBI.

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Heard the Learned Counsel for the Applicant.

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In view of the order passed in I.A No.187/2024 on 17.04.2024 appointing Shri Ravindra Beleyur as new Resolution Professional of M/s. Steel Hypermart India Private Limited, the present application become infructuous. Therefore, I.A No.336/2023 is disposed of as infructuous.

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-Sd-SdMANOJ KUMAR DUBEY K. BISWAL MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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Gayathri

In the matter of Steel Hypermart India Private Limited [Ia No. 185, 186 & 187-2024, I.A No.281, 317, 318, 336 & 640-2023, I. a No. 246-2022 in Cp (Ib) No.216-BB-2020]

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In the matter of Steel Hypermart India Private Limited [Ia No. 185, 186 & 187-2024, I.A No.281, 317, 318, 336 & 640-2023, I. a No. 246-2022 in Cp (Ib) No.216-BB-2020]

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