# In the matter of V. S. Texmills Pvt. Ltd. IA 99 of 2022 in CP(IB) 299 of 2018

> NCLT judgment dated 2022-05-06. Citation: TCN-2022-NCLT-02851. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 6 May 2022
- **Citation:** TCN-2022-NCLT-02851
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/v-s-texmills-pvt-ltd-ia-99-of-2022-in-cpib-299-of-2018-fa7a63d5

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application, IA 99 of 2022, was filed by the erstwhile Resolution Professional for the recovery of certain amounts.

## Facts

An application (IA 99 of 2022) was filed by the erstwhile Resolution Professional seeking recovery of certain amounts. The applicant is Reliance Commercial Finance Ltd, and the respondent is V S Texmills Pvt Ltd. The court has ordered the Registry to issue a letter to the IBBI requesting an early report on the matter. The case is under Section 7 of the IBC.

## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for recovery of certain amounts should …

**Ratio:** The court has the power to consider applications related to insolvency resolution

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**Reasoning:** The court's direction to the Registry to issue a letter to the IBBI indicates that the

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**Interpretation:** The court interprets its role as overseeing the insolvency resolution process

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**Application:** The court applied this interpretation by directing the Registry to seek a

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Reliance Commercia…
- **Respondents:** V S Texmills Pvt…

## Timeline

- **2022-05-06 — Order Del…**: The order was delivered…
- **2022-07-01 — Matter Adj…**: The matter was…

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