# In the matter of Sharon Bio-Medicine Ltd. IA 1062-2022 in C.P. (IB) 246-MB-2017

> Read the full IBC case summary for In the matter of Sharon Bio-Medicine Ltd. IA 1062-2022 in C.P. (IB) 246-MB-2017. NCLT judgment dated 2022-06-03. Citation:…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-04707
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sharon-bio-medicine-ltd-ia-1062-2022-in-cp-ib-246-mb-2017-efd9912c

## Summary

### Background

The applicant sought to withdraw a liquidation application and initiate a fresh Corporate Insolvency Resolution Process (CIRP) for the Corporate Debtor, M/S Sharon Bio-Medicine Ltd, following a Supreme Court order.

## Facts

The applicant filed IA 1062/2022 seeking to withdraw the liquidation application against M/S Sharon Bio-Medicine Ltd and to reinstate Mr. Dinkar Ventatsubramanian as the Resolution Professional for conducting a fresh Corporate Insolvency Resolution Process (CIRP). The application also requested that the CIRP be concluded expeditiously within 105 days from the date of the Tribunal's order. This application was heard on June 3, 2022, by the National Company Law Tribunal, Mumbai Bench.

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## Issues and analysis

### Issue 1: Whether the applicant should be allowed to…

**Ratio:** The NCLT is bound by the Supreme Court's directions, which permit the withdrawal of the…

**Reasoning:** The Supreme Court's order dated February 28, 2022, in Civil Appeal No. 1305-1306 of 2022,…

**Interpretation:** The Supreme Court's order is interpreted as a directive allowing the applicant…

**Application:** Given the Supreme Court's liberty, the liquidation application IA 935 of 2022…

## Parties

- **Judges:** K.K. V…; P.N. Des…
- **Advocates:** Bishwajit…; Madhav Ka…; +6 more

## Timeline

- **February 28, 2022 — Supreme Cour…**: Hon'ble Supreme Court passed an order in Civil Appeal No. 1305-1306 of 2022, granting…
- **March 5, 2022 — CoC Meet…**: Committee of Creditors (CoC) conducted a meeting and decided to initiate fresh CIRP and…

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