# In the matter of Vijay Ghai, CP (IB) No. 15/Chd/Pb/2021

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03559. The case pertains to CP (IB) No. 15/Chd/Pb/2021 under Section 94(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03559
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijay-ghai-cp-ib-no-15chdpb2021-0e396f69

## Summary

### Background

The case pertains to CP (IB) No. 15/Chd/Pb/2021 under Section 94(1) of the Insolvency and Bankruptcy Code, 2016. The petitioner is Vijay Ghai, PG, Priknit Retails Ltd. The matter involves the appointment of a Resolution Professional.

## Facts

Vijay Ghai, PG, Priknit Retails Ltd. filed a petition under Section 94(1) of the Insolvency and Bankruptcy Code, 2016. Mr. Pawan Sharma was proposed as the Interim Resolution Professional (IRP). The Registry had already verified Mr. Sharma's antecedents in other petitions, specifically CP(IB) No. 3/Chd/Pb/2022 titled as Daljeet Singh Bedi (Personal Guarantor) and CP(IB) No. 12/Chd/Pb/2022 titled as Nikhil Bedi (Personal Guarantor). There were no adverse remarks or pending proceedings against Mr. Sharma. The court appointed Mr. Sharma as the Resolution Professional and directed him to comply with Section 99 of the Code and submit a report before the next hearing.

## Issues and analysis

### Issue 1: Whether Mr. Pawan Sharma should be appointed as the Resolution Professional in CP (IB) No. …

**Ratio:** The court has the authority to appoint a Resolution Professional based on the

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**Reasoning:** The court considered that Mr. Pawan Sharma's antecedents had already been verified by the

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**Interpretation:** The court interpreted the relevant provisions of the Insolvency and Bankruptcy

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**Application:** Based on the facts that Mr. Sharma's antecedents were verified and there were

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Vijay Ghai, PG,…
- **Respondents:** Priknit Retails…; Vijiyesh Malhotra…
- **Advocates:** Divya S…; Vijiyesh Ma…; +3 more

## Timeline

- **N/A — Petition…**: Vijay Ghai, PG, Priknit Retails Ltd.…
- **N/A — IRP Prop…**: Mr. Pawan Sharma was proposed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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