IN RE Vs. ARAN KAPOOR

JUDGEMENT

(1.) On the Application moved by the State Bank of India on behalf of the Financial Creditors stating that the Committee of Creditors in the meeting held on 28.7.2017 resolved to appoint Mr. Alok K. Saxena as Insolvency Resolution Professional to replace Mr. Arun Kapoor Interim Resolution Professional appointed by NCLT in the order dated 20.6.2017, this Bench, being satisfied that this application is in accordance with Section 22 of I&B Code, hereby forwards the name of the IRP namely Mr. Alok K. Saxena to the Insolvency & Bankruptcy Board of India for its confirmation within 10 days of receipt of the name of the proposed Resolution Professional, thereby this Adjudicating Authority is able to appoint Mr. Alok K. Saxena as IRP after confirmation by the Board.

(2.) For the Committee of Creditors having already resolved to continue Mr. Arun Kapoor as Interim Resolution Professional until appointment of IRP Mr. Alok K. Saxena as sought by them is done, this Bench u/s. 22(5) of the Code directs the Interim Resolution Professional to continue to function as Resolution Professional, until such time, the Board confirms the appointment of the proposed Resolution Professional as Resolution Professional.

(3.) In the Order above passed, it is clarified that Interim Resolution Professional will continue to perform his duties until the appointment of the new Resolution Professional.