# In the matter of Sapphire Spinners India Pvt. Ltd. MA-449-2019 in CP-1087-IB-2018

> NCLT judgment dated 2019-07-24. Citation: TCN-2019-NCLT-02324. The document pertains to an application (MA/449/2019) within a corporate insolvency resolution…

- **Court:** NCLT
- **Order date:** 24 Jul 2019
- **Citation:** TCN-2019-NCLT-02324
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sapphire-spinners-india-pvt-ltd-ma-449-2019-in-cp-1087-ib-2018-0a100ae8

## Summary

### Background

The document pertains to an application (MA/449/2019) within a corporate insolvency resolution process (CP/1087/IB/2018). The core issue revolves around the appointment of a Resolution Professional (RP).

## Facts

The Asset Reconstruction Company (India) Ltd initiated a corporate insolvency resolution process against Sapphire Spinners India Pvt Ltd. Mr. G. Mukundan was the initial Resolution Professional. The IBBI confirmed the appointment of Mr. G. Gunasekaran as the new Resolution Professional. The application MA/449/2019 was filed in CP/1087/IB/2018, seeking the appointment of the new Resolution Professional.

## Issues and analysis

### Issue 1: Whether Mr. G. Gunasekaran should be appointed as the Resolution Professional based on the …

**Ratio:** The confirmation from the IBBI regarding the appointment of a Resolution Professional is

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**Reasoning:** The court relied on the IBBI's confirmation of Mr. G. Gunasekaran's appointment as the

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**Interpretation:** The IBBI's role in confirming the appointment of Resolution Professionals is

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**Application:** Given the IBBI's confirmation, the court applied the principle that the

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Asset Reconstructi…
- **Respondents:** SAPPHIRE SPINNERS…; G.MUKUND…

## Timeline

- **2018-01-01 — CP/1087/IB/20…**: Corporate Insolvency…
- **2019-07-24 — Order Da…**: Order passed appointing Mr. G.…

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