# In the matter of Aarti Suitings Pvt. Ltd. IA No. 201 & 203-JPR-2021 in CP No. (IB)-02-9-JPR-2021

> NCLT judgment dated 2021-08-05. Citation: TCN-2021-NCLT-01435. The document pertains to two Interlocutory Applications (IAs) filed under the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Aug 2021
- **Citation:** TCN-2021-NCLT-01435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aarti-suitings-pvt-ltd-ia-no-201-203-jpr-2021-in-cp-no-ib-02-9-jpr-2021-3fe4352a

## Summary

### Background

The document pertains to two Interlocutory Applications (IAs) filed under the Insolvency and Bankruptcy Code (IBC), 2016. IA No. 201/JPR/2021 was filed by the Operational Creditor/Applicant, Sangam (India) Ltd., against the Corporate Debtor, Aarti Suitings Pvt. Ltd. IA No. 203/JPR/2021 was filed by the Financial Creditor of the Corporate Debtor, M/s Adig Jemtex Pvt. Ltd., seeking to replace the Interim Resolution Professional (IRP), Mr. Rishabh Chand Lodha, with Mr. Kamal Kumar Jain as the Insolvency Professional.

## Facts

Sangam (India) Ltd., an Operational Creditor, filed an application against Aarti Suitings Pvt. Ltd., the Corporate Debtor. Bank of Baroda is also listed as an applicant in the matter of IA No. 203/JPR/2021 & IA No. 201/JPR/2021. M/s Adig Jemtex Pvt. Ltd., the Financial Creditor of the Corporate Debtor, filed an application to replace Mr. Rishabh Chand Lodha, the IRP, with Mr. Kamal Kumar Jain as the Insolvency Professional. The CIRP against Aarti Suitings Pvt. Ltd. was initiated when CP No. 01/9/JPR/2021 was admitted on 17.06.2021, and Mr. Rishabh Chand Lodha was appointed as the IRP on the same date. The CoC, in its first meeting on 17.07.2021, with 100% voting share, resolved to replace the IRP with Mr. Kamal Kumar Jain as the RP.

## Issues and analysis

### Issue 1: Whether IA No. 201/JPR/2021 …

**Ratio:** The court has the discretion to grant urgent hearings based on the circumstances

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**Reasoning:** The court considered the applicant's request for an urgent hearing and found it

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**Interpretation:** This reflects the court's power to manage its docket and prioritize matters

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**Application:** The court allowed the urgent hearing for IA No. 201/JPR/2021 and disposed of

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Appellants:** Sangam (India)…
- **Respondents:** Aarti Suitings…; Rishabh Chand…

## Timeline

- **2021-06-17 — CIRP Init…**: CP No. 01/9/JPR/2021 was admitted, initiating the CIRP against Aarti Suitings Pvt. Ltd.,…
- **2021-07-17 — CoC Meet…**: The CoC held its first meeting and resolved to replace Mr. Rishabh Chand Lodha with Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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