# In the matter of Shivris Resources Private Limited

> NCLT judgment dated 2024-05-08. Citation: TCN-2024-NCLT-01398. The case involves a Company Petition under the Insolvency and Bankruptcy Code, 2016. Initially,…

- **Court:** NCLT
- **Order date:** 8 May 2024
- **Citation:** TCN-2024-NCLT-01398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shivris-resources-private-limited-4f4fffa4

## Summary

### Background

The case involves a Company Petition under the Insolvency and Bankruptcy Code, 2016. Initially, Mr. Uday Shreeram Sakrikar was appointed as the Interim Resolution Professional (IRP) for the Corporate Debtor. However, the Financial Creditor suggested Mr. Sandeep D. Maheshwari as the IRP. The Bench found an inadvertent error in the initial order and sought to correct it.

## Facts

The matter pertains to a Company Petition (CP (IB) No. 1050 of 2023) filed under the Insolvency and Bankruptcy Code, 2016. Initially, the court appointed Mr. Uday Shreeram Sakrikar as the Interim Resolution Professional (IRP) for the Corporate Debtor. Subsequently, the Financial Creditor suggested the name of Mr. Sandeep D. Maheshwari to be appointed as the IRP. The court, upon reviewing the records, found an inadvertent error in its previous order dated 06.05.2024. Consequently, the court decided to replace Mr. Uday Shreeram Sakrikar with Mr. Sandeep D. Maheshwari as the IRP. Mr. Sakrikar was directed to hand over all relevant documents and information to Mr. Maheshwari to facilitate the CIRP.

## Issues and analysis

### Issue 1: Whether the court should correct the inadvertent error in its previous order dated 06.05.2024 …

**Ratio:** Courts have the inherent power to correct errors in their orders to ensure justice and

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**Reasoning:** The Bench considered the submissions and perused the records, finding an inadvertent

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**Interpretation:** This principle allows the court to rectify mistakes that, if left uncorrected,

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**Application:** The court applied this principle by acknowledging the error in the initial

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## Parties

- **Judges:** V.G. B…; SH. PRABHAT…
- **Appellants:** J.C. Flowers…
- **Respondents:** Shivris Resources…

## Timeline

- **2024-05-06 — Initial…**: The Bench admitted the Company Petition and appointed Mr. Uday Shreeram Sakrikar as the…
- **2024-05-08 — Hearing…**: Order sheet of the hearing on 08.05.2024. The Counsel for the Financial Creditor…

## 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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