- (1.) The Company Application bearing CA No. 192 of 2017 in CP(IB) /52/10/HDB/2017 is filed by M/s. IDBI Bank Ltd (Representing CoC) (Financial Creditor) , U/s. 22 of the IBC, 2016, by inter-alia seeking to appoint Mr. Ram Ratan Kanoongo as the Resolution Professional in the above matter by replacing existing IRP Mr. T. Mahadev.
(2.) The Brief facts leading to the filing of the present company application, are as follows: a) After admitting the case, the Tribunal vide its order dated 18th September 2017, was pleased to appoint on Mr. Mahadev Tirunagari as Interim Resolution Professional (IRP) . b) The two meetings of Committee of Creditors (CoC) held on 20.10.2017 and 27.10.2017 in which it was proposed to replace Mr. Mahadev Tirunagari the Interim Resolution Professional by proposing appointment of Mr. Ram Ratan Kanoongo who has vast experience in paper industry. c) It is submitted that Mr. Ram Ratan Kanoongo, LP. Reg. No. IBBI/IPA-001/IP-P00070/2017-18/10156 was recommended as Resolution Professional by CoC in the meeting held on 27.10.2017. The CoC is authorized to replace IRP under Section 22(2) & (3) (b) Insolvency Bankruptcy Code, 2016. d) The CoC has authorized the lead bank i.e. IDBI Bank Ltd., to file an application before the Adjudicating Authority for replacement of the Interim Resolution Professional by appointing Mr. Ram Ratan Kanoongo as Resolution Professional.
(3.) Heard Shri. C. Prabhakar, learned counsel for the applicant and Mrs. D. Siri Preeti, learned counsel for the respondent and Shri. Ram Ratan Kanoongo, proposed RP.;