# In the matter of OSL Healthcare Pvt. Ltd. (IB)-1734(ND)-2018

> NCLT judgment dated 2019-04-05. Citation: TCN-2019-NCLT-04123. The case involves a petition where the petitioner's counsel submits that they were directed to…

- **Court:** NCLT
- **Order date:** 5 Apr 2019
- **Citation:** TCN-2019-NCLT-04123
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/osl-healthcare-pvt-ltd-ib-1734nd-2018-6602d093

## Summary

### Background

The case involves a petition where the petitioner's counsel submits that they were directed to meet and reconcile accounts. However, the possibility of reconciliation appears remote due to the peculiar facts of the case. The Corporate Debtor has been taken over by a new management, while all claims pertain to the erstwhile regime. The respondent's counsel submits that upon taking over, they uncovered certain discrepancies and an audit has been carried out.

## Facts

The case involves a dispute between OSL Healthcare Pvt. Ltd. and Consultant Combustion Engineers. The Corporate Debtor, OSL Healthcare Pvt. Ltd., has undergone a change in management. The claims in the case pertain to the period before the new management took over. The new management has uncovered certain discrepancies and conducted an audit, the report of which they wish to submit. The petitioner opposes the submission of the audit report. The court considers the new management's perspective important before making a decision.

## Issues and analysis

### Issue 1: Whether the audit report submitted by the new management of the Corporate Debtor should be …

**Ratio:** The court has the discretion to consider relevant evidence, including audit reports, to

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**Reasoning:** The court reasoned that considering the audit report would allow for a more informed

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**Interpretation:** This implies that the court interprets its role as encompassing a thorough

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**Application:** The court applied this principle by deciding to consider the audit report

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** Harshit S…
- **Respondents:** OSL Healthcare…; M.K. Pa…

## Timeline

- **2019-04-05 — Hearing…**: Hearing before the New Delhi Bench of…
- **2019-05-06 — Next Hearin…**: Matter adjourned for…

## 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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