# In the matter of Nayati Healthcare & Research NCR Pvt. Ltd. IA 4516-ND-2021 in IB No. 472-ND-2021

> NCLT judgment dated 2021-12-31. Citation: TCN-2021-NCLT-00002. The case involves an application (IA 4516/ND/2021) filed by Yes Bank Limited under Rule 11 of…

- **Court:** NCLT
- **Order date:** 31 Dec 2021
- **Citation:** TCN-2021-NCLT-00002
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nayati-healthcare-research-ncr-pvt-ltd-ia-4516-nd-2021-in-ib-no-472-nd-2021-185e1257

## Summary

### Background

The case involves an application (IA 4516/ND/2021) filed by Yes Bank Limited under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking to vacate an interim stay order dated 30.09.2021. The main IB petition (IB No. 472/ND/2019) was filed by Deewan Housing Finance Corporation Limited (DHFL) against Nayati Healthcare & Research NCR Pvt. Ltd. for initiation of Corporate Insolvency Resolution Process (CIRP). DHFL also filed IA 4439/2021 to add Yes Bank as Respondent No. 2, seeking to restrain the Corporate Debtor and applicant from selling or creating third-party rights on the Corporate Debtor's assets. The interim stay order was granted without providing Yes Bank a reasonable opportunity to be heard. Yes Bank claims the stay order violates its statutory

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## Facts

The main IB petition (IB No. 472/ND/2019) was filed by Deewan Housing Finance Corporation Limited (DHFL) against Nayati Healthcare & Research NCR Pvt. Ltd. for initiation of Corporate Insolvency Resolution Process (CIRP). DHFL also filed IA 4439/2021 to add Yes Bank as Respondent No. 2. Yes Bank filed an application (IA 4516/ND/2021) to vacate an interim stay order dated 30.09.2021. The interim stay order was granted by the Adjudicating Authority without providing Yes Bank a reasonable opportunity to be heard. Yes Bank claims the stay order violates its statutory rights under the SARFAESI Act. Yes Bank had issued a notice under Section 13(2) of the SARFAESI Act on 29th July 2021, giving 60 days' time to the Corporate Debtor. Before the expiry of the 60 days, Yes

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## Issues and analysis

### Issue 1: Whether the interim stay order granted by the …

**Ratio:** The NCLT has inherent power to pass orders for ensuring substantial justice and

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**Reasoning:** The Tribunal reasoned that the proceedings before the IBC are in nature that assets of

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**Interpretation:** The NCLT's power to grant interim orders is interpreted in the context of

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**Application:** The ratio is applied to justify the continuation of the interim stay order, as

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## Parties

- **Judges:** Sh. Dharminder…; SH. PRASANTA…
- **Appellants:** Yes Bank L…
- **Respondents:** Nayati Healthcare…; Deewan Housing…

## Timeline

- **2019-01-01 — Main IB Petiti…**: Deewan Housing Finance Corporation Limited (DHFL) filed the main IB petition (IB No.…
- **2021-07-29 — SARFAESI Notic…**: Yes Bank issued a notice under Section 13(2) of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 13(2) — Declaration of moratorium and public…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-13)

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