# In the matter of AD Victoriam Ventures Pvt. Ltd. IB-2162-ND-2019

> NCLT judgment dated 2020-01-10. Citation: TCN-2020-NCLT-02391. The case involves an operational creditor, Moksha Designs Pvt. Ltd., filing a petition against…

- **Court:** NCLT
- **Order date:** 10 Jan 2020
- **Citation:** TCN-2020-NCLT-02391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ad-victoriam-ventures-pvt-ltd-ib-2162-nd-2019-56a738e7

## Summary

### Background

The case involves an operational creditor, Moksha Designs Pvt. Ltd., filing a petition against the corporate debtor, AD Victoriam Ventures Pvt. Ltd. The Corporate Debtor is already undergoing a Corporate Insolvency Resolution Process (CIRP) under an order dated November 21, 2019.

## Facts

Moksha Designs Pvt. Ltd., the operational creditor, filed a petition against AD Victoriam Ventures Pvt. Ltd., the corporate debtor. The corporate debtor's counsel submitted that the corporate debtor was already undergoing CIRP under an order dated November 21, 2019. The court acknowledged this and directed Moksha Designs to file its claim with the IRP/RP within the stipulated time. The petition was disposed of, but Moksha Designs was granted liberty to revive the petition if AD Victoriam Ventures compromises with other creditors or if the November 21, 2019 order is set aside on appeal. The fact that the corporate debtor is already undergoing CIRP is a key fact that influenced the court's decision to dispose of the petition and direct the operational creditor to file

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor should be admitted given that the corporate …

**Ratio:** When a corporate debtor is already undergoing CIRP, any new petition for initiation of

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**Reasoning:** The court reasoned that since the corporate debtor was already undergoing CIRP under an

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**Interpretation:** This interpretation aligns with the principle of avoiding multiple CIRP

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**Application:** The court applied this principle by disposing of the petition and directing the

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## Parties

- **Judges:** Ch. Mohd Sharief…; SUMITAPURKA…
- **Appellants:** Moksha Designs…
- **Respondents:** Ad Victoriam…

## Timeline

- **2019-11-21 — Order for…**: An order was passed to initiate the Corporate Insolvency Resolution Process (CIRP)…
- **2020-01-10 — Order Del…**: The order regarding the petition filed by…

## 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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