ANANT OVERSEAS PVT LTD Vs. GLOBAL HOUSEWARE LTD

JUDGEMENT

(1.) C.A. No. 187(PB) /2017 This is an application filed under Section 22 (3) (b) of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer for appointing Shri Vijender Sharma having Registration No. IBBI/IPA-003/IP-N00003/2016-2017/10022 to be replaced as corporate Insolvency Resolution Professional in place of earlier Interim Resolution Professional. The prayer made by the Applicant-ICICI Bank is rooted in the minutes of meeting of the creditors dated 7th June, 2017 whereby the committee of creditors has passed the resolution with 92.03% as is evident from the perusal of item no. 2(a) and 2(b) . It is evident from the perusal of Section 22(3) (b) of the Insolvency and Bankruptcy Code, 2016 that the committee of creditor is entitled to resolve to replace an earlier Interim Resolution Professional by any other suitable professional and authorised the filing of application before the Tribunal-cum-Adjudicating Authority. The aforesaid authorisation also flows from the minutes of meeting of the creditors dated 7th June, 2017. Accordingly, the application has been filed by Shri Sanjay Sharma of ICICI Bank.

(2.) On behalf of the operational creditor-petitioner, it is submitted that the earlier Resolution Professional, Shri Ashwini Kumar may be permitted to continue on the condition that the operational creditor-petitioner would bear his fee which is in excess of Rs. 2 lakhs.

(3.) Having heard the learned Counsel, we are of the view that the resolution passed by the committee of creditors warrants acceptance and the replacement supported by 92.03% of the voting rights of the creditors committee has approved the aforesaid resolution. Therefore, the requirements of statutory provisions stand satisfied.