# In the matter of AD Victoriam Ventures Pvt. Ltd. IB-1978(ND)-2019

> NCLT judgment dated 2019-12-20. Citation: TCN-2019-NCLT-00035. The case pertains to an application filed under Section 9 of the IBC Code, 2016, against AD…

- **Court:** NCLT
- **Order date:** 20 Dec 2019
- **Citation:** TCN-2019-NCLT-00035
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ad-victoriam-ventures-pvt-ltd-ib-1978nd-2019-5db22203

## Summary

### Background

The case pertains to an application filed under Section 9 of the IBC Code, 2016, against AD Victoriam Ventures Pvt. Ltd., the Corporate Debtor, by M/s. Aarc & Co., the Operational Creditor. The Corporate Debtor is already undergoing CIR Process vide order dated 21.11.2019.

## Facts

M/s. Aarc & Co. filed an application under Section 9 of the IBC Code, 2016, against AD Victoriam Ventures Pvt. Ltd. The Corporate Debtor, AD Victoriam Ventures Pvt. Ltd., was already undergoing Corporate Insolvency Resolution Process (CIRP) as per an order dated 2019-11-21. The applicant sought certain reliefs, and the court considered the fact that CIRP was already in progress. The court disposed of the petition but granted liberty to the applicant to restore or revive the petition if a compromise with other creditors is reached or if the order in appeal is set aside. This suggests that the court acknowledged the ongoing CIRP and its potential impact on the current petition.

## Issues and analysis

### Issue 1: Whether the petition under Section 9 of the IBC Code, 2016 should be disposed of given that the …

**Ratio:** When a Corporate Debtor is already undergoing CIRP, it may be appropriate to dispose of a

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

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**Interpretation:** This implies that the court prioritizes the ongoing CIRP and aims to avoid

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**Application:** Given that AD Victoriam Ventures Pvt. Ltd. was already undergoing CIR Process,

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## Parties

- **Judges:** Ch. Mohd Sharief…; K.K. V…
- **Appellants:** M/s. Aarc…
- **Respondents:** Ad Victoriam…

## Timeline

- **2019-11-21 — CIR Process…**: Corporate Debtor is already undergoing CIR…
- **2019-12-20 — Order Del…**: Order delivered on 20.12.2019, disposing of the…

## 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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