# In the matter of Osaka Pharmaceuticals Private Limited

> NCLT judgment dated 2024-06-14. Citation: TCN-2024-NCLT-01148. 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-01148
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/osaka-pharmaceuticals-private-limited-f6e1296b

## 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, seeking the closure of the liquidation process of M/s. Osaka Pharmaceuticals Private Limited. The application was filed by the liquidator, Abhishek Nagori, due to the successful sale of the Corporate Debtor as a going concern. The CIRP was initiated by the Operational Creditor, M/s. Western Pharma, under Section 9 of the Code, and was admitted on October 10, 2018. Hiten M. Parikh was initially appointed as the Interim Resolution Professional (IRP), later replaced by Abhishek Nagori. An order for liquidation was passed on September 30, 2019, and the applicant was

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## Facts

M/s. Osaka Pharmaceuticals Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Western Pharma under Section 9 of the Insolvency and Bankruptcy Code (IBC), which was admitted on October 10, 2018. Mr. Hiten M. Parikh was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Abhishek Nagori as Resolution Professional (RP). Subsequently, an order for liquidation was passed on September 30, 2019, and Mr. Abhishek Nagori was confirmed as the liquidator. The liquidator made public announcements and formed a Stakeholders Consultation Committee (SCC). In the 4th SCC meeting on September 29, 2020, it was resolved to sell the Corporate Debtor as a going concern. An e-auction was conducted, and Mr. Sachin Bhandari was

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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 fact that the Corporate Debtor was successfully sold as a going

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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 specific facts of the case, where the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Abhishek…
- **Respondents:** Osaka Pharmaceutic…
- **Advocates:** Vishal…; Mayur Jug…

## Timeline

- **2018-10-10 — CIRP Init…**: CIRP initiated by M/s. Western…
- **2018-10-01 — Appointment…**: Mr. Hiten M. Parikh appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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