# In the matter of Saurabh (India) Pvt. Ltd. (IB)-1162(ND)2019

> NCLT judgment dated 2019-07-26. Citation: TCN-2019-NCLT-02253. The document pertains to proceedings before the National Company Law Tribunal (NCLT), New Delhi…

- **Court:** NCLT
- **Order date:** 26 Jul 2019
- **Citation:** TCN-2019-NCLT-02253
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saurabh-india-pvt-ltd-ib-1162nd2019-a9b42520

## Summary

### Background

The document pertains to proceedings before the National Company Law Tribunal (NCLT), New Delhi Bench. CA 966/2019 was filed by the Resolution Professional (RP) regarding the revised constitution of the Committee of Creditors (COC), noting Kotak Mahindra Bank's nomination as a member with a 6.22% voting share. CA 967/2019 was filed under Section 19(2) & 19(3) of an unspecified act by the RP seeking directions against the Statutory Auditor of the Company, M/s. Bhawna & Associates, CA. The Statutory Auditor has been granted one week to respond to the application.

## Facts

The National Company Law Tribunal (NCLT), New Delhi Bench, is hearing a case involving M/s. Janki Parshad & Company V/s. M/s. Saurabh (India) Pvt. Ltd. The hearing took place on July 26, 2019. Two applications, CA 966/2019 and CA 967/2019, were filed by the Resolution Professional (RP). CA 966/2019 pertains to the revised constitution of the Committee of Creditors (COC), specifically the nomination of Kotak Mahindra Bank as a member with a 6.22% voting share. This report was taken on record subject to all exceptions. CA 967/2019 was filed under Section 19(2) & 19(3) seeking directions against the Statutory Auditor of the Company, M/s. Bhawna & Associates, CA. The Statutory Auditor has been given one week to respond. Both applications are scheduled for

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## Issues and analysis

### Issue 1: Whether the revised constitution of the Committee of Creditors (COC), including the nomination of …

**Ratio:** The ratio is based on the Tribunal's power to oversee and approve the constitution of the

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**Reasoning:** The Tribunal took the report on record, indicating preliminary acceptance of the revised

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**Interpretation:** The interpretation involves understanding the IBC provisions related to the

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**Application:** The ratio and reasoning are applied to the specific facts of the case,

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## Parties

- **Judges:** R. VARADH…
- **Appellants:** PANKAJ…
- **Respondents:** M/s. Saurabh…; Vishal…
- **Advocates:** Pank…; Vishal…; +2 more

## Timeline

- **2019-07-09 — 2nd COC M…**: The 2nd COC meeting was held, leading to the revised constitution of the COC and the…
- **2019-07-22 — Report F…**: The report regarding the revised constitution of the COC was filed on record, subject to…

## 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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