State Bank of India vs. M/s. Metenere Limited - Apprehension of bias against the appointment of the proposed IRP (Ex-eployee - pensioner of FC).

NCLT (PB) New Delhi (04.01.2020) in State Bank of India vs. M/s. Metenere Limited  (C.P. NO. IB-639 (PB)/2018 ) held that; 

• In view of the aforesaid facts, it is evident that such an Interim  Resolution Professional is unlikely to act fairly and cannot be  expected to act as an independent umpire.  Accordingly, we grant an opportunity to the Financial Creditor  to perform its statutory mandatory obligation by substituting the  name of the Resolution Professional to act as an Interim Resolution  Professional in place of the earlier one.

 

Excerpts of the order;

In the reply a specific objection has been raised by the Respondent regarding the name of proposed Interim Resolution Professional, Mr. Shailesh Verma. It is submitted that Mr. Shailesh  Verma is an ex-employee of SBI; joined the services of SBI in the year  1977 and since then he had been working with SBI till his retirement  in 2016. He has been in the services of SBI for a period of over 39  years. Thus, there is an apprehension of bias against the  appointment of the proposed IRP. 

 

The Petitioner in its rejoinder has not disputed the aforesaid  factum. 

 

In view of the aforesaid facts, it is evident that such an Interim  Resolution Professional is unlikely to act fairly and cannot be  expected to act as an independent umpire.  Accordingly, we grant an opportunity to the Financial Creditor  to perform its statutory mandatory obligation by substituting the  name of the Resolution Professional to act as an Interim Resolution  Professional in place of the earlier one. 

 

The hearing is deferred to 15.01.2020 for compliance. 

 

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