# In the matter of CBS Holdings Private Limited

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02031. The case involves an application filed by Mr. Nikhil Sachdeva, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02031
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cbs-holdings-private-limited-f24ae2f7

## 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 IRP had constituted the Committee of Creditors (CoC) and the first meeting of the CoC was held on 15.02.2024, where the resolution for confirming the IRP as the RP was proposed for voting.

## Facts

The key facts are as follows: An application was filed by Mr. Nikhil Sachdeva, the Interim Resolution Professional (IRP) of M/s CBS Holdings Private Limited ('Corporate Debtor'), seeking confirmation 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. The IRP had constituted the Committee of Creditors (CoC), and the first CoC meeting was held on 15.02.2024. The resolution to confirm the IRP as the RP was approved by the CoC with 100% voting. The CoC also approved the expenses to be incurred by

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional should be confirmed as the Resolution Professional for …

**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 continuation of 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 continuation of Mr. Nikhil Sachdeva as 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 — CIRP Init…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process against…
- **2024-02-15 — First CoC M…**: The first meeting of the Committee of Creditors was held, where the resolution for…

## 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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