# In the matter of Air Pegasus Private Limited C.P.(IB) No. 22-BB-2018

> NCLT judgment dated 2019-08-22. Citation: TCN-2019-NCLT-01844. M/s.Dentsu Media and Holdings India Pvt. Ltd. filed C.P.(IB)No.22/BB/2018 under Section 9 of…

- **Court:** NCLT
- **Order date:** 22 Aug 2019
- **Citation:** TCN-2019-NCLT-01844
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/air-pegasus-private-limited-cpib-no-22-bb-2018-0075857c

## Summary

### Background

M/s.Dentsu Media and Holdings India Pvt. Ltd. filed C.P.(IB)No.22/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process against M/s.Air Pegasus Private Limited, alleging a default of Rs. 15,59,655/- along with 18% interest per annum. The case was listed for admission on multiple dates. Another petition, C.P.(IB)No.180/BB/2018 filed by Skyways Technics A/s against the same corporate debtor, was admitted, and an Interim Resolution Professional (IRP), Ms. Shirley Mathew, was appointed.

## Facts

M/s.Dentsu Media and Holdings India Pvt. Ltd. (Operational Creditor) filed a petition (C.P.(IB)No.22/BB/2018) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s.Air Pegasus Private Limited (Corporate Debtor), claiming a default of Rs. 15,59,655/- plus interest at 18% per annum. The petition was for initiating Corporate Insolvency Resolution Process (CIRP). The case was listed on multiple dates for admission. Subsequently, another petition (C.P.(IB)No.180/BB/2018) filed by Skyways Technics A/s against the same Corporate Debtor was admitted, and Ms. Shirley Mathew was appointed as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether C.P.(IB)No.22/BB/2018 is maintainable given that another petition, C.P.(IB)No.180/BB/2018, …

**Ratio:** Once a Corporate Insolvency Resolution Process (CIRP) has been initiated against a

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**Reasoning:** The court reasoned that since C.P.(IB)No.180/BB/2018 had already been admitted and CIRP

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**Interpretation:** The interpretation is that the IBC aims for a consolidated and streamlined

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**Application:** Since C.P.(IB)No.180/BB/2018 was admitted and Ms. Shirley Mathew was appointed

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s.Dentsu Media…
- **Respondents:** M/s Air Pegasus…
- **Advocates:** Sahana Deva…; Ayshwarya C…; +1 more

## Timeline

- **2018-01-19 — Case Lis…**: C.P.(IB) No.22/BB/2018…
- **2018-01-29 — Case Lis…**: C.P.(IB) No.22/BB/2018…

## 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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