# 11th Jan 2019 in the matter of Richa Industries Limited CP (IB) No. 11-Chd-Hry-2019

> NCLT judgment dated 2019-01-11. Citation: TCN-2019-NCLT-05268. The case pertains to CP (IB) No.11/Chd/Hry/2019 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 Jan 2019
- **Citation:** TCN-2019-NCLT-05268
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/11th-jan-2019-in-the-matter-of-richa-industries-limited-cp-ib-no-11-chd-hry-2019-c15d30f6

## Summary

### Background

The case pertains to CP (IB) No.11/Chd/Hry/2019 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. M/s S.B. Steel & Engg. Works, the operational creditor, filed a petition against Richa Industries Limited, the corporate debtor. An earlier petition, CP(IB) No.80/Chd/Hry/2018, titled "M/s Tata Blue Scope Steel Ltd. Versus M/s Richa Industries Ltd.", was admitted against the same corporate debtor.

## Facts

M/s S.B. Steel & Engg. Works, an operational creditor, initiated a corporate insolvency resolution process against Richa Industries Limited, the corporate debtor, by filing CP (IB) No.11/Chd/Hry/2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016. Prior to this, another petition, CP(IB) No.80/Chd/Hry/2018 filed by M/s Tata Blue Scope Steel Ltd. against Richa Industries Ltd., had already been admitted. The petitioner's counsel requested the court to dispose of the current petition, allowing them to file their claim in the already initiated insolvency process. The relevance of these facts lies in the procedural efficiency gained by consolidating claims within a single insolvency resolution process.

## Issues and analysis

### Issue 1: Whether the petition filed by M/s S.B. Steel & Engg. Works should be disposed of, granting them …

**Ratio:** The principle of avoiding multiplicity of proceedings and streamlining the insolvency

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**Reasoning:** The court reasoned that since an insolvency resolution process had already been initiated

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**Interpretation:** This interpretation emphasizes the efficiency and consolidation of claims

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**Application:** The ratio and reasoning are applied to the specific facts by disposing of the

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** M/s S.B. Steel &…
- **Respondents:** Richa Industries…

## Timeline

- **2018-12-18 — Admission of CP(IB)…**: Order of admission passed in CP(IB) No.80/Chd/Hry/2018 titled as “M/s Tata Blue Scope…
- **2019-01-11 — Order del…**: Order delivered on CP (IB) No.11/Chd/Hry/2019, disposing of the petition with liberty to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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