# In the matter of Chang Ho Lee, Erstwhile Chief Financial Officer Hyosung India Private Limited Vs State Of Maharashtra Through Economic Offences Wing

> HC judgment dated 2024-06-26. Citation: TCN-2024-HC-00068. The Writ Petition was filed by the Petitioner seeking to set aside the NCLT order dated 2024-06-19,…

- **Court:** HC
- **Order date:** 26 Jun 2024
- **Citation:** TCN-2024-HC-00068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/chang-ho-lee-erstwhile-chief-financial-officer-hyosung-india-private-limited-vs-b543193c

## Summary

### Background

The Writ Petition was filed by the Petitioner seeking to set aside the NCLT order dated 2024-06-19, which admitted a petition under Section 9 of the Code and commenced the corporate insolvency resolution process (CIRP) of Hyosung India Private Limited (Corporate Debtor) at the behest of Respondent No. 2, You Seung Sang Sa India Construction Private Limited (Operational Creditor). The Operational Creditor is also under CIRP. Nipan Bansal was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

## Facts

The Petitioner, Chang Ho Lee, filed a Writ Petition seeking to set aside the NCLT order dated 2024-06-19, which initiated CIRP against Hyosung India Private Limited (Corporate Debtor) based on a petition filed by You Seung Sang Sa India Construction Private Limited (Operational Creditor). The Operational Creditor is also under CIRP. Nipan Bansal was appointed as the IRP. The Corporate Debtor made payments of Rs. 7,00,00,000 to Respondent No. 2, Rs. 1,35,00,000 to Respondent No. 6, and Rs. 3,00,000 to Respondent No. 3 for CIRP costs. The payments were made to settle all claims. The Economic Offences Wing clarified that it would not impose any injunction against the Corporate Debtor from making payments to Respondent Nos. 2 or 6. The NCLT order was set aside, and the

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## Issues and analysis

### Issue 1: Whether the NCLT order dated 2024-06-19 should be set aside given the consent of the parties and …

**Ratio:** When all parties, including the Petitioner, Operational Creditor, and IRP, consent to

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**Reasoning:** The court considered the consent of all parties involved and the fact that the Corporate

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**Interpretation:** The legal principle is that if the parties involved in a CIRP reach a

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**Application:** In this case, the consent of the Petitioner, Operational Creditor, and IRP,

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## Parties

- **Judges:** ATUL S. CHA…; Rajesh S.…
- **Appellants:** Chang H…
- **Respondents:** Hyosung India…; State of Maharasht…

## Timeline

- **2024-06-19 — NCLT Ord…**: NCLT passed an order admitting the petition under Section 9 of the Code and commencing…
- **2024-06-21 — Public N…**: Respondent No. 3 issued a public notice inviting claims from creditors of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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