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Jarat Kumar Jain: J.

The Appellant "Parag Sheth" erstwhile Interim Resolution Professional (IRP) of M/s Digjam Ltd. filed this Appeal against the order dated 08.10.2020 passed by Adjudicating Authority (National Company Law Tribunal, Ahmadabad Bench, Ahmadabad) whereby dismissed the Appellant's Application I.A. No. 234 of 2020 in I.A. No. 232 of 2020 in CP (IB) No. 594/NCLT/AHM/2018 filed under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations).

2. Brief facts of this case are that one Operational Creditor M/s Oman Inc (HUF) filed an Application under Section 9 for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor M/s Digjam Ltd. Ld. Adjudicating Authority admitted the Application vide order dated 26.04.2019 and initiated CIRP and appointed Mr. Parag Sheth as IRP. Subsequently, IRP Mr. Parag Sheth has been replaced by the Resolution Professional (RP) Mr. Sunil Kumar Agarwal vide order dated 01.01.2020. Mr. Parag Sheth has handover the charge and documents to the RP between 03.01.2020 to 07.01.2020.

(e). In furtherance to the above, it is submitted that in view of the aforesaid the Appellant renegotiated with the second lowest quotation provider i.e. United India Insurance Company Ltd. and got a quotation for Rs. 24,09,911/- which was duly informed to the Respondent No. 1 & 2 vide email dated 18.12.2019.

(f). It is submitted by the Appellant that in view that the insurance of the assets of the Digjam Ltd. was lapsing on 10.12.2019, the Appellant as the IRP of the Corporate Debtor recognizing the urgent need to get the insurance renewed in order to safeguard the assets of the Corporate Debtor decided to go with United India Insurance Company Ltd. The Appellant submits that the decision taken by the Applicant was in due discharge of his duties and was fair and for the benefit of the Corporate Debtor to maintain it as a going concern, as well as stakeholders of the Corporate Debtor.