# In the matter of M. Bhaskaran & Ors. vs. Sandeep Kothari
IRP of Orion Water Treatment Private Limited

> NCLAT judgment dated 2025-09-18. Citation: TCN-2025-NCLAT-00510. The Appellants, who were the opposite parties in IA(IBC)/913(CHE)/2025 preferred in…

- **Court:** NCLAT
- **Order date:** 18 Sept 2025
- **Citation:** TCN-2025-NCLAT-00510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/m-bhaskaran-ors-vs-sandeep-kothari-irp-of-orion-water-treatment-private-limited-44fe6870

## Summary

### Background

The Appellants, who were the opposite parties in IA(IBC)/913(CHE)/2025 preferred in CP(IB)/263(CHE)/2022 before NCLT, Chennai, challenged an order related to CIRP proceedings initiated against M/s. Orion Water Treatment Private Limited.

## Facts

CIRP proceedings were initiated against M/s. Orion Water Treatment Private Limited under Section 10 of the I&B Code.

The Interim Resolution Professional (IRP) sought possession of the Corporate Debtor's assets, including inventories and cash balance.

The Appellants, who were the opposite parties in the IA, were directed to cooperate with the IRP and hand over the assets.

The Appellants contended that they should be allowed to hand over only symbolic possession of the assets.

The NCLT ruled in favor of the IRP, directing the Appellants to hand over actual possession.

The Appellants filed an appeal against the NCLT's order.

## Issues and analysis

### Issue 1: Whether the concept of 'symbolic possession' is applicable in CIRP proceedings initiated under …

**Ratio:** The concept of 'symbolic possession' is not applicable in CIRP proceedings under Section

…

**Reasoning:** Section 18 of the I&B Code mandates that the IRP take control and custody of the

…

**Interpretation:** The I&B Code aims to resolve insolvency by giving the IRP control over the

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**Application:** The Appellate Tribunal held that the Appellants could not insist on handing

…

## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** M. Bhas…; M. Radhakr…
- **Respondents:** Orion Water…; Sandeep K…
- **Advocates:** A. S. Sathish…; Avinash Krishnan…

## Timeline

- **2024-10-18 — CIRP Ord…**: CIRP order was passed, marking the…
- **2025-09-18 — Judgement…**: Date of the ju…

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