# In the matter of Emsons Organics Limited CA No. CA No.1039-2019  In CP (IB) No.153-Chd-Pb-2019

> NCLT judgment dated 2019-11-18. Citation: TCN-2019-NCLT-00570. The case involves an application filed by Punjab National Bank (PNB) under Section 22 of the…

- **Court:** NCLT
- **Order date:** 18 Nov 2019
- **Citation:** TCN-2019-NCLT-00570
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/emsons-organics-limited-ca-no-ca-no1039-2019-in-cp-ib-no153-chd-pb-2019-27098315

## Summary

### Background

The case involves an application filed by Punjab National Bank (PNB) under Section 22 of the Insolvency and Bankruptcy Code, 2016, seeking the appointment of Shri Prem Chand Goyal as the Resolution Professional, replacing the Interim Resolution Professional, Dr. Taruna Goel. The Corporate Insolvency Resolution Process (CIRP) was initiated against Emsons Organics Limited, with Dr. Taruna Goel initially appointed as the Interim Resolution Professional. The Committee of Creditors (CoC), in its meeting held on October 30, 2019, resolved to replace Dr. Taruna Goel with Mr. Prem Chand Goyal, supported by 91.77% voting share.

## Facts

Parmod Sharma, the Petitioner-Operational Creditor, initiated proceedings against Emsons Organics Limited, the Respondent-Corporate Debtor. Punjab National Bank (PNB), the Applicant-Financial Creditor, filed an application (CA No.1039/2019) under Section 22 of the Insolvency and Bankruptcy Code, 2016, seeking the appointment of Shri Prem Chand Goyal as the Resolution Professional, replacing Dr. Taruna Goel, the Interim Resolution Professional. The CIRP was initiated against Emsons Organics Limited, and Dr. Taruna Goel was appointed as the Interim Resolution Professional on September 27, 2019. The CoC, in its meeting on October 30, 2019, with 91.77% voting share, resolved to replace Dr. Taruna Goel with Mr. Prem Chand Goyal. Mr. Prem Chand Goyal submitted his written

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## Issues and analysis

### Issue 1: Whether the application filed by Punjab National Bank under Section 22 of the Insolvency and …

**Ratio:** Section 22 of the Insolvency and Bankruptcy Code, 2016, provides the procedure for the

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**Reasoning:** The court considered the application filed by PNB, the applicant-financial creditor,

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**Interpretation:** Section 22 of the IBC allows the CoC to exercise its discretion in appointing a

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**Application:** In this case, the CoC, with a significant majority, resolved to replace Dr.

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Parmod S…
- **Respondents:** Emsons Organics…
- **Advocates:** Mr.Arjun…

## Timeline

- **2019-09-27 — Order for CIRP…**: CP (IB) No.153/Chd/Pb/2019 was admitted, initiating the CIRP process against Emsons…
- **2019-10-30 — CoC Meet…**: The Committee of Creditors (CoC) held its first meeting and resolved to replace Dr.…

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