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

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03545. 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-03545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijay-ghai-cp-ib-no-15chdpb2021-1b079139

## 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. The court considered the appointment of a Resolution Professional. Mr. Pawan Sharma was proposed as the IRP, and his antecedents were verified in other petitions (CP(IB) No. 3/Chd/Pb/2022 and CP(IB) No. 12/Chd/Pb/2022). There were no adverse remarks against Mr. Sharma. The court appointed Mr. Sharma as the Resolution Professional and directed him to comply with Section 99 of the Code. Respondents 1 to 3 were directed to file their response within three weeks. The next hearing is scheduled for 2022-05-23.

## Issues and analysis

### Issue 1: Whether Mr. Pawan Sharma should be appointed as …

**Ratio:** The court has the power to appoint a Resolution Professional under the Insolvency and

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

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**Interpretation:** The court interprets the IBC to allow for the appointment of a Resolution

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**Application:** Given that Mr. Sharma's antecedents were verified and no adverse remarks were

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Vijay Ghai, PG,…
- **Respondents:** Priknit Retails…; Vijiyesh Ma…
- **Advocates:** Divya S…; Er. Sandee…; +2 more

## Timeline

- **2021-01-01 — CP (IB) No. 15/Chd/Pb/20…**: CP (IB) No. 15/Chd/Pb/2021 was filed under Section 94(1) of the Insolvency and Bankruptcy…
- **2022-03-24 — Order Da…**: Order issued appointing Mr. Pawan…

## 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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