# In the matter of Modern Syntex (India) Limited IA(IB) No. 152-JPR-2023 in CP No. (IB)- 39(PB)-2018

> NCLT judgment dated 2023-06-15. Citation: TCN-2023-NCLT-05447. The case involves an application (IA(IBC) No. 152/JPR/2023) filed by Mr. Neeraj Rathore, the…

- **Court:** NCLT
- **Order date:** 15 Jun 2023
- **Citation:** TCN-2023-NCLT-05447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/modern-syntex-india-limited-iaib-no-152-jpr-2023-in-cp-no-ib-39pb-2018-c324e779

## Summary

### Background

The case involves an application (IA(IBC) No. 152/JPR/2023) filed by Mr. Neeraj Rathore, the erstwhile director of Modern Syntex (India) Limited ('Corporate Debtor'), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, against the Resolution Professional ('RP') of the Corporate Debtor.

## Facts

The main application bearing CP No. 39(PB)/2018 was filed jointly by the Financial Creditor and its sister concern, M/s UTI Trust Private Limited, under Section 7 of the Code seeking initiation of CIRP against the Corporate Debtor.

The CIRP against the Corporate Debtor was initiated vide order dated 28.03.2022.

Mr. Partha S. Sarkar was appointed as the Interim Resolution Professional and later confirmed as the RP in the meeting of the Committee of Creditors ('CoC').

The Applicant submits that the RP has not verified the claim of the Respondent No. 2 from the books of accounts of the Corporate Debtor.

The Respondent No. 2 filed its claim amounting to Rs. 4874,97,58,908/- as one of the Secured Financial Creditors of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the RP erred in admitting the claim of Respondent No. 2 without proper verification from …

**Ratio:** The court observed that the alleged OTS was cancelled on 12.08.2009 and the same has been

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**Reasoning:** The court noted that the applicant failed to appreciate the fact that there was no

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**Interpretation:** The court interpreted that the full liabilities of the Respondent No. 2 and its

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**Application:** The court found no reason to entertain the application at this juncture of the

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## Parties

- **Judges:** Deep Chandr…; ATUL CHAT…
- **Appellants:** Administrator of…; Niraj Ra…
- **Respondents:** Modern Syntex…; Partha Sarthy…; +1 more
- **Other parties:** M/s UTI Trust…; Partha S.…; +1 more
- **Advocates:** Sudhir M…; Deeptakirti…

## Timeline

- **2018-N/A-N/A — CP No. (IB)- 39…**: Main application filed jointly by the Financial Creditor and its sister concern under…
- **2022-03-28 — Order Da…**: CIRP was initiated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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