# In the matter of Sahs Lifesciences Private Limited CP (IB) No.239-Hry-2018

> NCLT judgment dated 2018-12-24. Citation: TCN-2018-NCLT-00015. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Dec 2018
- **Citation:** TCN-2018-NCLT-00015
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sahs-lifesciences-private-limited-cp-ib-no239-hry-2018-f71aaaca

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Real Soya Enterprises, an operational creditor, against M/s Sahs Lifesciences Private Limited, the corporate debtor. The application was admitted on 19.12.2018. The matter was fixed for passing a formal order declaring a moratorium and appointing an Interim Resolution Professional (IRP).

## Facts

M/s Real Soya Enterprises, a proprietorship firm, filed a petition as an operational creditor against M/s Sahs Lifesciences Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 19.12.2018. The operational creditor did not propose an Interim Resolution Professional (IRP). The Insolvency and Bankruptcy Board of India (IBBI) guidelines state that if the operational creditor does not propose an IRP, the appointment can be made from the bench-wise list of Insolvency Professionals. Mr. Joy Kumar Jain was identified as a suitable IRP from the Chandigarh Bench panel, and no adverse information was found against him. The court then proceeded to declare a moratorium and appoint Mr. Jain as the IRP.

## Issues and analysis

### Issue 1: Whether the court can appoint an Interim Resolution Professional (IRP) when the operational …

**Ratio:** The Insolvency and Bankruptcy Board of India (IBBI) guidelines allow the court to appoint

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**Reasoning:** The court relied on the IBBI guidelines, which provide a mechanism for appointing an IRP

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**Interpretation:** The IBBI guidelines are interpreted as providing a procedural framework for the

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**Application:** Since M/s Real Soya Enterprises did not propose an IRP, the court appointed Mr.

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** M/s Real Soya…
- **Respondents:** M/s Sahs Lifescien…

## Timeline

- **2018-12-19 — Admission of Ap…**: The application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, was…
- **2018-12-24 — Order Del…**: Order delivered declaring moratorium and…

## 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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