# In the matter of Aishwarya Mohan Gahrana Vs Rajesh Narang & Another

> SC judgment dated 2023-05-01. Citation: TCN-2023-SC-00081. This appeal arises from a judgment dated 9 December 2022 of the Principal Bench of the National…

- **Court:** SC
- **Order date:** 1 May 2023
- **Citation:** TCN-2023-SC-00081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/aishwarya-mohan-gahrana-vs-rajesh-narang-another-a2a798a5

## Summary

### Background

This appeal arises from a judgment dated 9 December 2022 of the Principal Bench of the National Company Law Appellate Tribunal (NCLAT) in Company Appeal (AT) (Insolvency) No 612 of 2021. The NCLAT order had set aside the liquidation order of the Corporate Debtor and remitted the proceedings back to the NCLT. The NCLAT also directed IBBI to conduct an enquiry into the conduct of the appellant (Resolution Professional).

## Facts

The Corporate Debtor, Durha Vitrak Private Limited, operated a hospital named Febris Multi Speciality Hospital in West Delhi. LIC Housing Finance Limited had sanctioned and disbursed a loan of Rs 33 Crores to the Corporate Debtor between March 2016 and February 2017. The account of the Corporate Debtor was declared a non-performing asset on 7 April 2018. As of 31 January 2019, there was a default in the payment of outstanding dues to the Financial Creditor amounting to Rs 39.97 Crores. On 8 November 2019, the Financial Creditor instituted an application under Section 7 of the Insolvency and Bankruptcy Code 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The appellant was appointed as Interim Resolution Professional (IRP). The IRP

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## Issues and analysis

### Issue 1: Whether the findings of the NCLAT against the appellant (Resolution Professional) and the direction …

**Ratio:** The court held that findings based on conjecture and surmises, without cogent material,

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**Reasoning:** The court found that the NCLAT's findings against the appellant were based on conjecture

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**Interpretation:** This reaffirms the principle that judicial or quasi-judicial findings must be

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**Application:** The court applied this principle to the specific facts of the case, finding

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## Parties

- **Judges:** Dr Dhananjaya Y…; J.B. PARD…
- **Appellants:** Aishwarya Mohan…
- **Respondents:** Durha Vitrak…; Rajesh N…

## Timeline

- **2016-03-01 — Loan Disbur…**: LIC Housing Finance Limited sanctioned and disbursed a loan of Rs 33 Crores to the…
- **2018-04-07 — Account Decla…**: The account of the Corporate Debtor was…

## 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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