# In the matter of AD Victoriam Ventures Private Limited IB-763-ND-2020

> NCLT judgment dated 2021-01-11. Citation: TCN-2021-NCLT-03330. The case involves GTM Industries Private Limited as the Operational Creditor and AD Victoriam…

- **Court:** NCLT
- **Order date:** 11 Jan 2021
- **Citation:** TCN-2021-NCLT-03330
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ad-victoriam-ventures-private-limited-ib-763-nd-2020-5598d429

## Summary

### Background

The case involves GTM Industries Private Limited as the Operational Creditor and AD Victoriam Ventures Private Limited as the Corporate Debtor. The Operational Creditor's counsel submitted that the Corporate Debtor is already undergoing CIR Process vide Order dated 21st November, 2020 in IB-2380 of 2019. The Operational Creditor has already filed the claim before the IRP.

## Facts

GTM Industries Private Limited is the Operational Creditor. AD Victoriam Ventures Private Limited is the Corporate Debtor. AD Victoriam Ventures Private Limited is already undergoing CIR Process vide Order dated 21st November, 2020 in IB-2380 of 2019. GTM Industries Private Limited has already filed a claim before the IRP. Due to the ongoing CIR process and the filing of the claim, IB-763/2020 has become infructuous.

## Issues and analysis

### Issue 1: Whether IB-763/2020 should be dismissed given that the Corporate Debtor is already undergoing CIR …

**Ratio:** When a corporate debtor is already undergoing CIRP and the operational creditor has

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**Reasoning:** The court reasoned that since the Corporate Debtor was already undergoing CIR Process and

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**Interpretation:** This means that once the CIRP has been initiated and a claim has been filed, a

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**Application:** Since AD Victoriam Ventures Private Limited was already undergoing CIR Process

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narender Kumar…
- **Appellants:** GTM Industries…
- **Respondents:** AD Victoriam…

## Timeline

- **2020-11-21 — CIR Process…**: AD Victoriam Ventures Private Limited is undergoing CIR Process vide Order dated 21st…
- **2021-01-11 — Order Del…**: Order delivered…

## 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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