# In the matter of AD Victoriam Ventures Pvt. Ltd. IB-3224(ND)-2019

> NCLT judgment dated 2019-12-17. Citation: TCN-2019-NCLT-00129. The case involves an operational creditor and a corporate debtor. An order dated 21.10.2019…

- **Court:** NCLT
- **Order date:** 17 Dec 2019
- **Citation:** TCN-2019-NCLT-00129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ad-victoriam-ventures-pvt-ltd-ib-3224nd-2019-51f97474

## Summary

### Background

The case involves an operational creditor and a corporate debtor. An order dated 21.10.2019 initiated the CIRP against the corporate debtor. The petition was disposed of with a direction to the operational creditor to file the claim before the IRP without delay. Liberty was granted to the operational creditor to revive/restore the petition if a compromise between the corporate debtor and other creditors is not reached.

## Facts

M/s. Singh Fashion Fabrics is the operational creditor, and M/s. AD Victoriam Ventures Pvt. Ltd is the corporate debtor. An order dated 21.10.2019 initiated the CIRP against the corporate debtor. The petition was disposed of with a direction to the operational creditor to file the claim before the IRP without any delay. The operational creditor was granted liberty to revive/restore the petition if a compromise is not reached between the corporate debtor and other creditors. The order dated 21.11.2019 was set aside in appeal. The case is under Section 9 of the IBC code 2016.

## Issues and analysis

### Issue 1: Whether the operational creditor should be directed …

**Ratio:** The operational creditor has the right to file a claim before the IRP as per the

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**Reasoning:** The court directed the operational creditor to file the claim to ensure the IRP process

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**Interpretation:** This ensures the operational creditor's interests are considered during the

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**Application:** The operational creditor, M/s. Singh Fashion Fabrics, is required to file its

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## Parties

- **Judges:** CH. MOHD SHARIEF…; K.K. V…
- **Respondents:** M/s. AD Victoriam…

## Timeline

- **2019-10-21 — CIRP Init…**: An order was issued initiating the…
- **2019-11-21 — Order Set…**: The order dated 21.11.2019…

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