MACRO LEAFIN PRIVATE LIMITED Vs. ARROW RESOURCES LIMITED

JUDGEMENT

(1.) The instant application has been filed by the 'Financial Creditor' seeking change of Interim Resolution Professional. Briefly, it is stated that the Financial Creditor / Applicant had filed an application dated 02.06.2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016 with a prayer for initiation of Insolvency Resolution Process in the matter of M/s Arrow Resources Ltd. (Corporate Debtor). In the said application, the name of Mr. Ambarish Chatterjee, A- 395, Sector-19, Noida- 201301 was proposed for appointment as Insolvency Professional.

(2.) The said petition was admitted by this Bench vide Judgment date 07.08.2017 and the IRP proposed by the 'Financial Creditor', namely, Mr. Ambarish Chatterjee was appointed as such.

(3.) In the present application, filed on 09.08.2017, the 'Financial Creditor' has stated that Mr. Ambarish Chatterjee's certificate of practice as Insolvency Professional expired on 16.06.2017, i.e. during the pendency of the petition before the Tribunal. It is stated that as Mr. Ambarish Chatterjee is not in a position to discharge his professional services as IRP, and therefore, another IRP, namely, Mr. Neeraj Preet Singh Chawla, Registration No. IBBI / IPA-002 / IP-N00154 / 2017-18/10401 has been proposed. Written communication from the newly proposed IRP has also been given in Form-2 of IB rules. Subsequently, on 18th August, 2017, an affidavit has been filed on behalf of Mr. N.P.S Chawla disclosing the circumstances regarding any past or present relationship with the parties in the application / petition pending before us.