# In the matter of Sanyog Healthcare Limited IA. 1837 & 2544-ND-2021 in Company Petition No. (IB)-1045 (ND)-2020

> NCLT judgment dated 2022-03-04. Citation: TCN-2022-NCLT-03884. The case involves two applications (IAs) related to the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 4 Mar 2022
- **Citation:** TCN-2022-NCLT-03884
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanyog-healthcare-limited-ia-1837-2544-nd-2021-in-company-petition-no-ib-1045-nd-51e7c29f

## Summary

### Background

The case involves two applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of M/s. Sanyog Healthcare Limited. IA 1837/ND/2021 was filed by the Interim Resolution Professional (IRP) to appoint an Authorized Representative for the class of creditors. IA 2544/ND/2021 was filed by HDFC Bank Ltd. objecting to the IRP's classification of HDFC Bank as an unsecured financial creditor and seeking to set aside the decision to create a distinct class of financial creditors consisting of banks and NBFCs.

## Facts

M/s Rhydburg Pharmaceuticals Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sanyog Healthcare Limited under Section 9 of IBC, 2016. The application was admitted on 2021-03-12. Mr. Manohar Lal Vij was appointed as the Interim Resolution Professional (IRP). The IRP determined that many creditors of the Corporate Debtor fall into the class of unsecured financial creditors. HDFC Bank, a financial creditor, claimed to have provided loan facilities to the Corporate Debtor. HDFC Bank's claim was bifurcated by the IRP into secured and unsecured portions based on loan account numbers. HDFC Bank objected to this classification, arguing that a hypothecated vehicle provided security for all loan accounts. The IRP initiated a process to appoint an

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## Issues and analysis

### Issue 1: Whether the Resolution Professional has rightly classified the claim of the HDFC Bank as an …

**Ratio:** A security interest must be validly created to grant a creditor the status of a secured

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**Reasoning:** The court found that HDFC Bank failed to produce any document, other than Clause 12 of

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**Interpretation:** The court interpreted that the existence of a hypothecated asset for one loan

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**Application:** Since HDFC Bank did not provide sufficient evidence of a security interest for

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## Parties

- **Judges:** SH. BHASKARA…; SH. L. N.…
- **Appellants:** M/s Rhydburg…
- **Respondents:** M/s. Sanyog…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No.…
- **2021-03-12 — CIRP Admi…**: The application for CIRP was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 21(6a) — Committee of creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-21)

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