Allowed

In the matter of Sharon Bio-Medicine Ltd. Ia 1062-2022 in C.P. (Ib) 246-MB-2017

NCLT3 Jun 2022

Case brief

AI extract

What is this about?

The National Company Law Tribunal allowed the applicant to withdraw the liquidation application and initiate a fresh Corporate Insolvency Resolution Process. The Tribunal appointed Mr. Pulkit Gupta as Interim Resolution Professional and directed the completion of the process within 105 days.

What did the court decide?

Allowed withdrawal of liquidation application; appointed Mr. Pulkit Gupta as IRP; directed completion of CIRP within 105 days.

In the matter of Sharon Bio-Medicine Ltd. Ia 1062-2022… — Insolvency and Bankruptcy | NCLT (2022)

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NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH

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Item 9

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IA 1062/2022 in C.P. (IB) 246/MB/2017

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CORAM:

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SH. K. K. VOHRA JUSTICE P.N. DESHMUKH (Retd.) HON’BLE MEMBER (T) HON’BLE MEMBER (J)

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HON’BLE MEMBER (J)

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ORDER SHEET OF THE HEARING ON 03.06.2022

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NAME OF THE PARTIES : - Culrrossn Opportunitic SP.& Anr. V/s M/S Sharon Bio-Medicine Ltd

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Appearance (via video-conference):

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For the Applicant : Mr. Bishwajit Dubey, Mr. Madhav Kanoria, Ms. Srideepa Bhattacharyya, Ms. Neha Shivhare and Mr. Rishit Vimadalal, i/b Cyril Amarchand Mangaldas, Advocates For the erstwhile SRA : Mr. Ankur Kashyap, Mr. Aman Bajaj, and Ms. Sanjana Pandey, Advocates

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Sections 60(5) & 7 of the IBC, 2016

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___________________________________________________________________________ ORDER

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IA 1062/2022

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The Applicant has filed this Application for the following reliefs:

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a) That this Hon’ble Tribunal be pleased to allow the Applicant to withdraw the Liquidation Application;

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b) That this Hon’ble Tribunal be pleased to reinstate Mr. Dinkar Ventatsubramanian, the erstwhile RP, as the Resolution Professional for conducting the Corporate Insolvency Resolution Process of the Corporate Debtor;

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c) That this Hon’ble Tribunal be pleased to allow the Resolution Professional to conclude the CIR Process expeditiously within a period of 105 days from the date of this Hon’ble Tribunal’s orders;

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d) Pass such other orders and directions that may be deemed appropriate in the interest of justice and in the facts and circumstances of the present case.

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It is stated by the Ld. Counsels in IA 1062 that the Application bearing IA 935 of 2022 which is filed for the Liquidation of the Corporate Debtor (CD) is listed on Board on 22.06.2022. IA 935 of 2022 stands disposed of as dismissed as allowed to be withdrawn in the background of the Hon’ble Supreme Court’s order dated 28.02.2022 in Civil Appeal No. 1305-1306 of 2022 wherein the Hon’ble Supreme Court has given liberty to the Applicant to take all consequential actions in furtherance of initiation of fresh Corporate Insolvency Resolution Process (CIRP) of the CD.

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We have also noted that earlier, one Resolution Plan was in the process of implementation, however, the Committee of Creditors (CoC) was not satisfied with the progress and on account of reported contravention of the terms of the approved Resolution Plan, the Liquidation Application as stated above was filed.

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Thereafter, the CoC had conducted the meeting on 05.03.2022 & 02.05.2022 wherein it was decided to initiate fresh CIRP; this was in consonance with the order of the Hon’ble Supreme Court cited supra. In the Affidavit submitted on 22.04.2022, the Applicant has given name of Mr. Pulkit Gupta as Interim Resolution Professional for initiation of CIRP and has stated that this process be allowed to be completed in 105 days as

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approved by the CoC in the meeting held on 05.03.2022. The Applicant has given name of Mr. Pulkit Gupta in the latest affidavit instead of Mr. Dinkar Ventatsubramanian, given in original Application IA 1062 in view of the information brought to the knowledge of the Applicant about the Show Cause Notice against Mr. Dinkar Ventatsubramanian. The CoC has already approved the initiation of fresh CIRP to be completed in 105 days. The CoC has also approved the name of Mr. Pulkit Gupta to be appointed as IRP in the meeting held on 02.05.2022. The written consent of Mr. Pulkit Gupta dt 03.05.2022 is attached on page 31 of Additional Affidavit dt. 06.05.2022. Mr. Pulkit Gupta has declared that he is not subject to any disciplinary proceedings by IBBI.

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In view of the above, the Application bearing IA 1062 of 2022 is allowed

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thereby allowing the Applicant to initiate fresh CIRP and Mr. Pulkit Gupta having its IBBI IP Registration No. IBBI/IPA-001/IP-P-02364/20212022/13697 (Email ID [email protected] having address at H-66A, Gate 4, Saket Malviya Nagar, New Delhi-110 017) is appointed as Interim Resolution Professional (IRP) to take forward CIRP. This Process be completed in 105 days from the date of this order. IRP is directed to follow all applicable provisions of law and Rules and Regulations to complete the Process.

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Sd/Sd/- K. K. VOHRA JUSTICE P.N. DESHMUKH Member (Technical) Member (Judicial)

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JUSTICE P.N. DESHMUKH Member (Judicial)

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Vedant

In the matter of Sharon Bio-Medicine Ltd. Ia 1062-2022 in C.P. (Ib) 246-MB-2017

Case brief

What is this about?

What did the court decide?

In the matter of Sharon Bio-Medicine Ltd. Ia 1062-2022 in C.P. (Ib) 246-MB-2017

Case brief

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