# In the matter of Osaka Pharmaceuticals Private Limited

> NCLT judgment dated 2024-06-14. Citation: TCN-2024-NCLT-01158. The case pertains to an Interlocutory Application filed under Section 35(1)(n) of the…

- **Court:** NCLT
- **Order date:** 14 Jun 2024
- **Citation:** TCN-2024-NCLT-01158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/osaka-pharmaceuticals-private-limited-c9bc4885

## Summary

### Background

The case pertains to an Interlocutory Application filed under Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016. The application seeks the closure of the liquidation process for M/s. Osaka Pharmaceuticals Private Limited, the Corporate Debtor, due to its successful sale as a going concern. The Operational Creditor, M/s. Western Pharma, had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on October 10, 2018. Mr. Hiten M. Parikh was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Abhishek Nagori replaced him as the Resolution

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## Facts

M/s. Western Pharma, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Osaka Pharmaceuticals Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on October 10, 2018, and Mr. Hiten M. Parikh was appointed as the Interim Resolution Professional (IRP). Later, Mr. Abhishek Nagori replaced him as the Resolution Professional (RP). The RP filed an IA No. 439 of 2019 under Section 33 of the IBC for liquidation, which was approved on September 30, 2019, appointing the applicant, Abhishek Nagori, as the liquidator. Public announcements were made on October 5, 2019, and a Stakeholders Consultation Committee (SCC) was formed. In the 4th SCC meeting on September 29, 2020,

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor should be closed given the successful sale …

**Ratio:** Regulation 45(3)(a) of the IBC (Liquidation process) Regulations, 2016, read with Rule 11

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**Reasoning:** The court considered the successful sale of the Corporate Debtor as a going concern and

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**Interpretation:** The regulation allows for the closure of the liquidation process when the

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**Application:** The court applied the regulation to the facts of the case, noting that the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Abhishek Nagori…
- **Respondents:** M/s. Osaka…

## Timeline

- **2018-10-10 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Osaka…
- **2018-10-01 — Appointment…**: Mr. Hiten M. Parikh appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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