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THE NATIONAL COMPANY LAW TRIBUNAL

CHANDIGARH BENCH, CHANDIGARH

(Exercising powers of Adjudicating Authority under

the Insolvency and Bankruptcy Code, 2016)

(through web-based video conferencing platform)

IA No.714/2022

in

CP (IB) No.22/Chd/Pb/2020

(admitted)

In the matter of:

Deepinder Singh, Proprietor of

Singh Paper & Board

.…Petitioner-Operational Creditor

Versus

Beckons Industries Limited

.…Respondent-Corporate Debtor

And in the matter of:-

IA No.714/2022

Under Rule 11 of the NCLT Rules, 2016

Deepinder Singh, Proprietor of

Singh Paper & Board

.…Applicant-Operational Creditor

Vs.

Beckons Industries Limited

.…Respondent-Corporate Debtor

Order delivered on: 24.08.2022

Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)

HON’BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL)

Present through video-conferencing:

For the Applicant in : Mr. Ajay Kumar Jain, Practising Company Secretary

IA No.714/2022

: Mr. Arun Kumar, Advocate

For the proposed IRP : Mr. Deepankur Sharma, Insolvency Professional

in person

Per: Subrata Kumar Dash, Member (Technical)

ORDER

IA No.714/2022

The present application has been filed under Rule 11 of the NCLT

Rules, 2016. In the present application, Deepinder Singh, Proprietor of Singh

IA No.714/2022

in

CP (IB) No.22/Chd/Pb/2020

(admitted)

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Paper & Board is the applicant-operational creditor, and Beckons Industries

Limited is the respondent-corporate debtor.

2.

In the present application, the applicant prays to make necessary

amendments in the Para 17 of the order dated 28.06.2022 passed by this

Adjudicating Authority and to make appointment of proposed IRP suggested

by the applicant or any other person as this Adjudicating Authority deems fit

for the appointment as IRP.

3.

It may be noted that as per order dated 14.07.2022 of this

Adjudicating Authority, the present application has been filed for replacement

of IRP appointed by this Bench vide order dated 28.06.2022 on the ground

that Mr. Manish Aggarwal, IRP has already surrendered his Insolvency

Professional license on 10.01.2022.

4.

In pursuance of above order, compliance affidavit has been filed

by applicant vide Diary No.01488/01 dated 19.07.2022, wherein No Objection

Certificate of the earlier proposed IRP Mr. Manish Aggarwal has been placed

on record in which it is stated that the licence issued to him by IPA ICSI was

valid only upto 10.01.2022. In the instant application, Mr. Deepankur Sharma

had been proposed as Interim Resolution Professional and his consent was

taken and the same is attached at Page No. 19. However, on 29.07.2022, Mr.

Deepankur Sharma, the proposed IRP has withdrawn his consent by stating

that he does not want to appear in this case as IRP, as there are no assets of

Corporate Debtor. Upon this, it is stated by learned counsel for applicants that

some other IRP may be appointed by this Bench as per list given by the IBBI.

IA No.714/2022

in

CP (IB) No.22/Chd/Pb/2020

(admitted)

Page 3 of 7

5.

We have heard the learned counsel for the applicant-operational

creditor as well as Mr. Deepankur Sharma, Insolvency Professional, the

proposed IRP and have also gone through the records carefully.

6.

While going through the instant application, it is observed that First

Schedule under Regulation 7(2)(h) of the IBBI (Insolvency Professional)

Regulations, 2016 at point 15 of the Code of Conduct for Insolvency

Professionals, which states that “An insolvency professional must make efforts

to ensure that all communication to the stakeholders, whether in the form of

notices, reports, updates, directions, or clarifications, is made well in advance

and in a manner which is simple, clear, and easily understood by the

recipients''. Keeping in view the above, the proposed IRP, Mr. Deepankur

Sharma, in the present application is directed to adhere to the aforementioned

Code of Conduct before giving his consent in an application under the Code.

7.

Since, no other IRP has been suggested thus, under sub section

(4) of Section