# In the matter of Aaishni Pharmaceuticals Pvt. Ltd.

> NCLT judgment dated 22 Aug 2024. Citation: TCN-2024-NCLT-00763. This case involves an application filed by Mr. Kshitiz Gupta, the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 22 Aug 2024
- **Citation:** TCN-2024-NCLT-00763
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aaishni-pharmaceuticals-pvt-ltd-aa429781

## Summary

### Background

This case involves an application filed by Mr. Kshitiz Gupta, the Resolution Professional (RP) of Aaishni Pharmaceuticals Pvt. Ltd., under Section 33 of the Insolvency and Bankruptcy Code, 2016. The RP sought a liquidation order for the corporate debtor based on a resolution passed by the Committee of Creditors (CoC) in its 5th meeting held on June 21, 2023. The Corporate Insolvency Resolution Process (CIRP) for Aaishni Pharmaceuticals Pvt. Ltd. commenced with the admission of CP No. (IB)- 4059/2018 by the Tribunal on January 6, 2023, and Mr. Vinodkumar Pukhraj Ambavat was initially appointed as the Interim Resolution Professional (IRP).

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## Facts

The application was filed under section 33 of the Insolvency and Bankruptcy Code, 2016 by Mr. (CA) Kshitiz Gupta, the Resolution Professional (RP) of Aaishni Pharmaceuticals Pvt. Ltd., seeking a liquidation order. This request was based on a resolution passed by the Committee of Creditors (CoC) in its 5th meeting, held on June 21, 2023.

CP No. (IB)- 4059/2018, concerning Aaishni Pharmaceuticals Pvt. Ltd., was admitted by the Tribunal on January 6, 2023. Initially, Mr. Vinodkumar Pukhraj Ambavat was appointed as the Interim Resolution Professional (IRP) for the corporate debtor.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Aaishni Pharmaceuticals Pvt. Ltd.,…

**Ratio:** When the Committee of Creditors, after due deliberation and facing insurmountable…

**Reasoning:** The court reasoned that the application for liquidation was appropriate because the…

**Interpretation:** The court interpreted Section 33 of the IBC to mean that if the CoC, in its…

**Application:** In this case, the CoC, comprising a sole financial creditor, voted 100% in…

## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Advocates:** For the Applicant:…

## Timeline

- **January 6, 2023 — CIRP Admi…**: CP No. (IB)- 4059/2018 was admitted by the Tribunal, initiating the Corporate Insolvency…
- **January 11, 2023 — Public Annou…**: The IRP published Form A, issuing a public announcement to invite claims from the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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