# In the matter of Daiichi Sankyo Ltd.
Vs.
Religare Comtrade Ltd. & Ors. Company Appeal (AT) (Ins.) No. 645 of 2022

> NCLAT judgment dated 2022-06-03. Citation: TCN-2022-NCLAT-00435. The appeal was filed against the order dated 2022-05-13 in CP (IB) No. 231 (PB)/2022 passed…

- **Court:** NCLAT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLAT-00435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/daiichi-sankyo-ltd-vs-religare-comtrade-ltd-ors-company-appeal-5e84e692

## Summary

### Background

The appeal was filed against the order dated 2022-05-13 in CP (IB) No. 231 (PB)/2022 passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi), whereby an application filed by Religare Comtrade Limited- Respondent No. 1 under Section 7 of the IBC Code has been admitted. The appellant claims that the respondent filed the application under Section 7 to defeat the appellant's claim, and that the Supreme Court had stayed all proceedings before the NCLT filed under Section 7, including the proceedings initiated by Religare Comtrade Limited.

## Facts

Daiichi Sankyo Ltd. filed an appeal against the order dated 2022-05-13 passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) in CP (IB) No. 231 (PB)/2022. The order admitted an application filed by Religare Comtrade Limited- Respondent No. 1 under Section 7 of the IBC Code. Daiichi Sankyo Ltd. claims that Religare Comtrade Limited filed the application under Section 7 to defeat the claim of the Appellant. The Appellant also claims that the Hon'ble Supreme Court of India had passed an Interim Order on 2019-04-05 in SLP 2447/2019 and stayed all proceedings before the NCLT filed under Section 7, including the proceedings initiated by Religare Comtrade Limited. The Appellant argues that the NCLT order was obtained without

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in admitting the application filed by Religare Comtrade …

**Ratio:** Section 7 of the IBC Code allows a financial creditor to initiate corporate insolvency

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**Reasoning:** The appellant argues that the application was filed to defeat the appellant's claim and

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**Interpretation:** Section 7 of the IBC Code provides the mechanism for initiating the corporate

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**Application:** The court needs to determine whether the Adjudicating Authority properly

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## Parties

- **Judges:** Ashok Bh…; Naresh Sa…
- **Appellants:** Daiichi Sankyo…
- **Respondents:** Religare Comtrade…

## Timeline

- **2022-05-13 — Order Da…**: Order passed by the Adjudicating Authority (National Company Law Tribunal, Principal…
- **2019-04-05 — Supreme Court Interim…**: Hon'ble Supreme Court of India passed an Interim Order in SLP 2447/2019 staying all…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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