National Company Law Appellate Tribunal
State Bank of India vs Mohd Nazim Khan IRP of Mothers Pride Dairy India Pvt Ltd on 13 August 2020
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Company Appeal (AT) (Insolvency) No. 679 of 2020
IN THE MATTER OF:
State Bank of India
…Appellant
Versus
Mohd. Nazim Khan IRP of
Mothers Pride Dairy India Pvt. Ltd.
…Respondent
Present:
For Appellant:
Mr. Bishwajit Dubey, Mr. Shatrajit Banerji, Mr. Bilal Ali and Mr. Ruchi Choudhary, Advocates.
For Respondent:
Mr. Nilotpal Shyam, Advocate with Mr. Mohd.
Nazim Khan, IRP.
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O R D E R
(Through Virtual Mode) 13.08.2020: After hearing learned counsel for the parties for a while we find that the matter is sub-judice and decision on merit is yet to be rendered. We are informed that the Committee of Creditors has taken a decision to not to continue with the Interim Resolution Professional and replace him with another person as Resolution Professional. This is stated to have happened on 6th March, 2020. Since the decision on merit is yet to be taken, having regard to the timelines prescribed under I&B Code we direct the Adjudicating Authority to Cont’d……/
-2- dispose of this application at the earliest, so that the Corporate Insolvency Resolution Process is carried on in accordance with the provisions of the I&B Code and brought to logical conclusion within the prescribed timelines. Appeal is disposed of with aforesaid observations. No costs.
[Justice Bansi Lal Bhat] Acting Chairperson
[Justice Anant Bijay Singh] Member (Judicial)
[Dr. Ashok Kumar Mishra] Member (Technical) am/gc
Company Appeal (AT) (Insolvency) No. 679 of 2020