# In the matter of Leesa Lifesciences Pvt. Ltd.

> NCLT judgment dated 2024-02-23. Citation: TCN-2024-NCLT-02432. The application IA (IBC)/1492/2023 was filed in CP (IB) No.744/7/HDB/2018 under Section 31(4)…

- **Court:** NCLT
- **Order date:** 23 Feb 2024
- **Citation:** TCN-2024-NCLT-02432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/leesa-lifesciences-pvt-ltd-f3991363

## Summary

### Background

The application IA (IBC)/1492/2023 was filed in CP (IB) No.744/7/HDB/2018 under Section 31(4) and Section 60(5) of the Insolvency and Bankruptcy Code 2016 (IBC) by M/s. Leesa Lifesciences Pvt Ltd, the erstwhile Corporate Debtor, now represented by the Resolution Applicant, M/S PSN Medicare Pvt Ltd. The applicant sought a waiver of statutory dues demanded by Respondents No. 1 to 4. The Resolution Plan submitted by the Applicant was approved on 18.10.2022. The respondents, including Southern Power Distribution Company of TS, Telangana State Industrial Infrastructure Corporation Ltd (TSIIC), Assistant General of Foreign Trade, and Assistant Commissioner of Customs, raised demands for outstanding dues predating the approval of the resolution plan.

## Facts

M/s. Leesa Lifesciences Pvt Ltd, the Corporate Debtor, underwent Corporate Insolvency Resolution Process (CIRP). M/S PSN Medicare Pvt Ltd became the Successful Resolution Applicant (SRA) after the Resolution Plan was approved on 18.10.2022. After the approval of the Resolution Plan, various government entities, including Southern Power Distribution Company of TS (Respondent No. 1), Telangana State Industrial Infrastructure Corporation Ltd (TSIIC) (Respondent No. 2), Assistant General of Foreign Trade (Respondent No. 3), and Assistant Commissioner of Customs (Respondent No. 4), raised demands for outstanding dues. Respondent No. 1 disconnected the power supply due to unpaid dues. Respondent No. 2 issued a demand notice for Rs 84,17,550/- which was later revised to Rs

…

## Issues and analysis

### Issue 1: Whether the claims asserted by Respondents No. 1 to 4 are pre-CIRP claims being enforced against …

**Ratio:** The 'clean slate' theory, as evident from Section 31 and Section 32A of the IBC and

…

**Reasoning:** The court reasoned that allowing additional liabilities after the approval of the

…

**Interpretation:** The 'clean slate' theory aims to provide certainty to the resolution process

…

**Application:** The court applied the 'clean slate' theory to the claims of Respondents No. 1,

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** Leesa Lifesciences…; Assistant…

## Timeline

- **2018-01-01 — Company Pe…**: CP (IB) No.744/7/HDB/201…
- **2022-10-18 — Resolution Plan…**: The Authority approved the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(4) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/leesa-lifesciences-pvt-ltd-f3991363