# In the matter of Shreya Life Sciences Pvt. Ltd. vs. LIC Housing Finance Ltd.

> NCLAT judgment dated 2023-07-14. Citation: TCN-2023-NCLAT-00374. The case involves an appeal against two orders dated 2023-06-26 and 2023-06-30. The…

- **Court:** NCLAT
- **Order date:** 14 Jul 2023
- **Citation:** TCN-2023-NCLAT-00374
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shreya-life-sciences-pvt-ltd-vs-lic-housing-finance-ltd-17f5ab5c

## Summary

### Background

The case involves an appeal against two orders dated 2023-06-26 and 2023-06-30. The Adjudicating Authority had taken the reply on record and reserved the order after hearing the matter on 2023-06-26. The Appellant filed I.A. No. 2722 of 2023 to set aside the order dated 2023-06-26, which was rejected on 2023-06-30. The Corporate Debtor has filed a Reply and written submission. The appellant requested an adjournment on 2023-06-26, which was not granted.

## Facts

Shreya Life Sciences Pvt. Ltd. filed an appeal against LIC Housing Finance Ltd. The appeal contested two orders issued on 2023-06-26 and 2023-06-30 by the Adjudicating Authority. The Adjudicating Authority had reserved its order after taking the reply on record. The appellant's application (I.A. No. 2722 of 2023) to set aside the order of 2023-06-26 was rejected on 2023-06-30. The Corporate Debtor filed a reply and written submission. The appellant's request for adjournment on 2023-06-26 was denied. The appellant argued for another opportunity for final argument, which was not possible due to the unavailability of counsel. The court considered the submissions and record. The Adjudicating Authority's order was already reserved, and the request to set it aside was

…

## Issues and analysis

### Issue 1: Whether the Appellant should have been granted another opportunity for final argument before the …

**Ratio:** The principle is that an opportunity for final argument should be provided unless there

…

**Reasoning:** The court considered the submission that the Appellant was not able to advance final

…

**Interpretation:** The interpretation is that while an opportunity for final argument is generally

…

**Application:** In this case, the court found that the Adjudicating Authority had already

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Shreya Life…
- **Respondents:** LIC Housing…

## Timeline

- **2023-06-26 — Adjudicating Authority…**: The Adjudicating Authority took the reply on record and reserved the order after hearing…
- **2023-06-26 — Appellant requests…**: The Appellant requested an…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/shreya-life-sciences-pvt-ltd-vs-lic-housing-finance-ltd-17f5ab5c