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

> NCLT judgment dated 2019-12-17. Citation: TCN-2019-NCLT-00135. The case involves an operational creditor, M/s. Singh Fashion Fabrics, filing a petition…

- **Court:** NCLT
- **Order date:** 17 Dec 2019
- **Citation:** TCN-2019-NCLT-00135
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ad-victoriam-ventures-pvt-ltd-ib-3224nd-2019-7490d5ca

## Summary

### Background

The case involves an operational creditor, M/s. Singh Fashion Fabrics, filing a petition against the corporate debtor, M/s. AD Victoriam Ventures Pvt. Ltd, under Section 9 of the IBC code 2016. An order dated 21.10.2019 initiated the CIRP against the corporate debtor.

## Facts

M/s. Singh Fashion Fabrics, the operational creditor, filed a petition against M/s. AD Victoriam Ventures Pvt. Ltd, the corporate debtor, under Section 9 of the IBC code 2016. An order dated 21.10.2019 initiated the CIRP against the corporate debtor. The court disposed of the petition, directing the operational creditor to file a claim before the IRP without delay. The operational creditor was granted liberty to revive/restore the petition if a compromise between the corporate debtor and other creditors failed. The order dated 21.11.2019 was set aside in appeal. The presence of the counsel for the operational creditor was noted.

## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor should be disposed of, considering the …

**Ratio:** The court has the power to dispose of petitions based on the circumstances and directions

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**Reasoning:** The court disposed of the petition, directing the operational creditor to file a claim

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**Interpretation:** This reflects the court's interpretation of its role in managing insolvency

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**Application:** The court applied this principle by disposing of the petition while ensuring

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## Parties

- **Judges:** CH. MOHD SHARIEF…; K.K. V…
- **Appellants:** M/s. Singh…
- **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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