# In the matter of Acaricide India Pvt. Ltd. CP(IB) No. 542-9-HDB-2018

> NCLT judgment dated 2019-07-15. Citation: TCN-2019-NCLT-02526. The case pertains to a company petition/application filed under CP(IB) No. 542/9/HDB/2018…

- **Court:** NCLT
- **Order date:** 15 Jul 2019
- **Citation:** TCN-2019-NCLT-02526
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/acaricide-india-pvt-ltd-cpib-no-542-9-hdb-2018-9c473545

## Summary

### Background

The case pertains to a company petition/application filed under CP(IB) No. 542/9/HDB/2018 before the National Company Law Tribunal (NCLT), Hyderabad Bench. The petitioner is Misri Rasayan's and the respondent is Acaricide India Pvt Ltd. The application is filed under Section 9 of the Insolvency and Bankruptcy Code (IBC).

## Facts

The case involves a petition filed by Misri Rasayan's against Acaricide India Pvt Ltd under Section 9 of the IBC. An IRP was already appointed in CP(IB)No.540/9/HDB/2018, where Acaricide India Pvt Ltd is also the respondent. The Operational Creditor representing the petitioner was present. The court noted that the respondent in both cases is the same. The relevance of these facts is that the court is trying to avoid parallel insolvency proceedings and consolidate the claims against the corporate debtor under the existing IRP.

## Issues and analysis

### Issue 1: Whether the petition bearing CP(IB)No.542/9/HDB/2019 should be admitted given that an IRP has …

**Ratio:** When a corporate debtor is already undergoing insolvency proceedings under the IBC with

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**Reasoning:** The court reasoned that since an IRP was already appointed in CP(IB)No.540/9/HDB/2018 and

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**Interpretation:** This interpretation aligns with the objective of the IBC to provide a

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

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** Misri Ras…
- **Respondents:** Acaricide India…

## Timeline

- **2018-01-01 — Filing of CP(IB) No.…**: Company Petition/Application filed…
- **2019-07-15 — Hearing…**: Hearing held on…

## 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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