# In the matter of SREI Infrastructure Finance Ltd. Vs. Amrit Jal Ventures Pvt. Ltd. CA(AT)(Insolvency) No. 778-2018

> NCLAT judgment dated 2019-07-08. Citation: TCN-2019-NCLAT-00465. SREI Infrastructure Finance Ltd. filed an application under Section 7 of the Insolvency and…

- **Court:** NCLAT
- **Order date:** 8 Jul 2019
- **Citation:** TCN-2019-NCLAT-00465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/srei-infrastructure-finance-ltd-vs-amrit-jal-ventures-pvt-ltd-ca-181ed101

## Summary

### Background

SREI Infrastructure Finance Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Amrit Jal Ventures Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad dismissed the application by order dated 24th October, 2018. Consequently, SREI Infrastructure Finance Ltd. preferred the present appeal. Notice was issued to the Corporate Debtor.

## Facts

SREI Infrastructure Finance Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Amrit Jal Ventures Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad, dismissed this application on October 24, 2018. Subsequently, SREI Infrastructure Finance Ltd. appealed the dismissal. During the appeal, it was brought to the court's attention that Sew Infrastructure Pvt. Ltd. had also filed an application under Section 7 of the I&B Code against Amrit Jal Ventures Pvt. Ltd., which led to the initiation of the Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on May 7, 2019. The Corporate Debtor's counsel informed the court about the ongoing CIRP

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## Issues and analysis

### Issue 1: Whether the Appellant, SREI Infrastructure Finance Ltd., can pursue its claim against the Corporate …

**Ratio:** The principle is that once a Corporate Insolvency Resolution Process (CIRP) has been

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**Reasoning:** The court reasoned that since a CIRP had already been initiated against the Corporate

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**Interpretation:** The interpretation is that the existence of an ongoing CIRP takes precedence,

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**Application:** The court applied this principle by allowing SREI Infrastructure Finance Ltd.

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Srei Infrastructur…
- **Respondents:** Amrit Jal…

## Timeline

- **2018-10-24 — Application D…**: The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad…
- **2019-05-07 — CIRP Init…**: The Adjudicating Authority initiated Corporate Insolvency Resolution Process against…

## 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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