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

> NCLT judgment dated 2019-07-26. Citation: TCN-2019-NCLT-02258. 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-02258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saurabh-india-pvt-ltd-ib-1162nd2019-f6632314

## 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 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 is 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 case involves two applications: CA 966/2019 and CA 967/2019. CA 966/2019, filed by the Resolution Professional (RP), concerns 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. The report was filed on July 22, 2019, and taken on record subject to all exceptions. CA 967/2019, also filed by the RP under Section 19(2) & 19(3) of an unspecified act, seeks directions against the Statutory Auditor of the Company, M/s. Bhawna & Associates, CA. The Statutory Auditor has been granted one week to respond to this

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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 RP's report on record, indicating initial acceptance of the revised

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**Interpretation:** The interpretation involves understanding the Tribunal's role in supervising

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**Application:** The ratio and reasoning are applied to the specific facts by acknowledging the

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## Parties

- **Judges:** R. VARADH…
- **Respondents:** M/s. Saurabh…; Vishal…

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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