# In the matter of Laggar Industries Ltd.

> NCLT judgment dated 2024-05-03. Citation: TCN-2024-NCLT-01449. The case involves an application (IA No. 1120/2024) filed under Rule 154 of the NCLT Rules…

- **Court:** NCLT
- **Order date:** 3 May 2024
- **Citation:** TCN-2024-NCLT-01449
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/laggar-industries-ltd-4d9756a9

## Summary

### Background

The case involves an application (IA No. 1120/2024) filed under Rule 154 of the NCLT Rules seeking rectification of an order dated 2024-05-01. The initial order appointed Mr. Sanjay Kumar Aggarwal as the Interim Resolution Professional (IRP). However, it was brought to the court's attention that Mr. Aggarwal had been replaced by Mr. Rajiv Khurana as the new proposed IRP via an order dated 2024-04-02 in IA No. 759/2024. The application allowing the replacement was approved when the main petition was reserved on 2024-04-02. The error in the 2024-05-01 order was due to an oversight.

## Facts

Canara Bank filed a petition against Laggar Industries Ltd under Section 7 of the IBC, 2016. The NCLT appointed Mr. Sanjay Kumar Aggarwal as the IRP. However, in IA No. 759/2024, Mr. Aggarwal was replaced by Mr. Rajiv Khurana as the new IRP, and this application was allowed on 2024-04-02. Due to an oversight, the order dated 2024-05-01 incorrectly mentioned Mr. Aggarwal as the IRP. Mr. Aggarwal had already published a public announcement. The court is now addressing this error to prevent Mr. Aggarwal from taking further steps in the CIRP. The order was delivered on 2024-05-03.

## Issues and analysis

### Issue 1: Whether the order dated 2024-05-01 should be rectified to reflect the correct IRP, considering Mr. …

**Ratio:** Rule 154 of the NCLT Rules allows for the rectification of orders to correct errors or

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**Reasoning:** The court acknowledged that the order dated 2024-05-01 contained an error by mentioning

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**Interpretation:** Rule 154 provides the NCLT with the power to correct errors in its orders to

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**Application:** The court applied Rule 154 to rectify the order dated 2024-05-01, acknowledging

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## Parties

- **Judges:** SH. UMESH KUMAR…; Sh. Harnam Singh…
- **Appellants:** Canara…
- **Respondents:** Laggar Industries…

## Timeline

- **2024-04-02 — Replacement…**: Mr. Sanjay Kumar Aggarwal was replaced by Mr. Rajiv Khurana as the new proposed IRP in IA…
- **2024-04-02 — Main Petition…**: The order in the main…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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