# In the matter of CBS Holdings Private Limited

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02020. The case involves an application filed by Mr. Nikhil Sachdeva, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02020
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cbs-holdings-private-limited-66084c5a

## Summary

### Background

The case involves an application filed by Mr. Nikhil Sachdeva, the Interim Resolution Professional (IRP) of M/s CBS Holdings Private Limited ('Corporate Debtor'), seeking confirmation of his appointment as the Resolution Professional (RP). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application filed by the financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority had initiated the CIRP vide order dated 16.01.2024.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s CBS Holdings Private Limited ('Corporate Debtor') based on an application filed by the financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Nikhil Sachdeva was appointed as the Interim Resolution Professional (IRP). The IRP performed necessary duties, including making public announcements and verifying claims. The Committee of Creditors (CoC) was constituted, and in its first meeting on 15.02.2024, a resolution was proposed to confirm the IRP as the Resolution Professional (RP). The resolution was approved with 100% voting share. The CoC also approved the expenses to be incurred by the RP. The applicant, Mr. Nikhil Sachdeva, filed an application seeking

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP) should be confirmed as the Resolution …

**Ratio:** Section 22(2) of the Insolvency and Bankruptcy Code, 2016, allows the Committee of

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**Reasoning:** The Committee of Creditors approved the resolution to continue Mr. Nikhil Sachdeva as the

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**Interpretation:** Section 22(2) provides the legal basis for the CoC's decision to confirm the

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**Application:** In this case, the CoC approved the resolution with 100% voting share, and the

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** NIKHIL SA…
- **Respondents:** M/S CBS HOLDINGS…; M/S PAS ENT…

## Timeline

- **2024-01-16 — Initiation…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process against…
- **2024-02-15 — First Meeting…**: The first meeting of the Committee of Creditors was held, wherein the resolution to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(3) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

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