# In the matter of Dynepro Pvt. Ltd. Vs. V. Nagarajan, RP of Cethar Ltd. CA (AT) Nos. 229 & 262-2018

> NCLAT judgment dated 2018-09-26. Citation: TCN-2018-NCLAT-00101. The case involves two appeals, Company Appeal (AT) (Insolvency) No. 229 of 2018 filed by M/s.…

- **Court:** NCLAT
- **Order date:** 26 Sept 2018
- **Citation:** TCN-2018-NCLAT-00101
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/dynepro-pvt-ltd-vs-v-nagarajan-rp-of-cethar-ltd-ca-7086c5ab

## Summary

### Background

The case involves two appeals, Company Appeal (AT) (Insolvency) No. 229 of 2018 filed by M/s. Dynepro Private Limited and Company Appeal (AT) (Insolvency) No. 262 of 2018 filed by M/s. IU International Holdings PTE Limited, both against Mr. V. Nagarajan, the Resolution Professional for M/s. Cethar Limited. The appeals concern allegations made by the parties and allegations relating to violations.

## Facts

M/s. Dynepro Private Limited and M/s. IU International Holdings PTE Limited filed appeals against Mr. V. Nagarajan, the Resolution Professional for M/s. Cethar Limited. The appeals involved allegations made by the parties and allegations relating to violations. The Appellate Tribunal did not decide on the allegations directly but allowed the Appellants to bring the allegations to the notice of the Hon'ble Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) to decide whether a prima facie case is made out against Mr. V. Nagarajan, ‘Resolution Professional' or not. The Appellate Tribunal has not decided the allegation which the Board is required to decide after notice to the 'Resolution Professional'.

## Issues and analysis

### Issue 1: Whether the allegations made by the Appellants against the Resolution Professional warrant a …

**Ratio:** The principle is that regulatory bodies like IBBI are best suited to investigate and

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**Reasoning:** The Appellate Tribunal reasoned that instead of directly adjudicating the allegations, it

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**Interpretation:** This reflects the understanding that regulatory bodies are better equipped to

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**Application:** The Appellate Tribunal applied this principle by allowing the Appellants to

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** M/s Dynepro…
- **Respondents:** M/s Cethar…; V. Naga…

## Timeline

- **2018-09-26 — Order Da…**: The Appellate Tribunal decided to allow the Appellants to bring the allegations to the…
- **2018-10-30 — Next Hea…**: Appeals to be listed ‘for…

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