IN RE Vs. KOCHAR OVERSEAS PVT LTD

JUDGEMENT

(1.) Ca No. 01/2018. The instant Application has been filed by the Punjab National Bank , the only Financial Creditor of the Corporate Debtor, in terms of clause (b) of sub-section 3 of Section 22 of the Insolvency and Bankruptcy Code, 2016 (for short, the 'Code') for appointment of Resolution Professional in place of the Interim Resolution Process in order to continue with the insolvency resolution process. CP (IB) NO. 108/Chd/Pb/2017 filed by the Corporate Debtor under Section 10 of the Code was admitted on 16.11.2017 declaring moratorium under Section 14 (1) of the Code and the Interim Resolution Professional appointed vide order dated 27.11.2017.

(2.) The Interim Resolution Professional has been filing his progress reports. The instant application has been filed on the basis of decision of first meeting of Committee of Creditors held on 26.12.2017 wherein it was resolved that the Interim Resolution Professional be replaced by Mr. Ashish Aggarwal registered with Insolvency and Bankruptcy Board of India under Registration No. IBBI/IPA-001/IP-P00688/2017-2018/11165 by moving application with the Tribunal in this regard. Copy of minutes of meeting is at Annexure A-2.

(3.) Along with the Application, written communication in Form 2 furnished by Mr. Ashish Aggarwal containing requisite particulars of the proposed Resolution Professional (Annexure A-3) has been filed. It is stated that there are no disciplinary proceedings pending against Mr. Ashish Aggarwal and he has not been engaged in any other proceedings as IRP/RP/Liquidator.