# 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-01841. 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-01841
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/air-pegasus-private-limited-cpib-no-22-bb-2018-ea4d2df0

## 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/-. The case was listed for admission on various dates and adjourned due to requests from the parties to settle the issue. 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) 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), alleging a default of Rs. 15,59,655/-. The case was listed on multiple dates but was adjourned at the request of the parties. 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). This admission of the other petition led the court to consider the maintainability of the current petition.

## Issues and analysis

### Issue 1: Whether C.P.(IB)No.22/BB/2018 is maintainable given the admission of C.P.(IB)No.180/BB/2018 and the …

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

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

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**Interpretation:** The interpretation is that the IBC framework aims to consolidate the resolution

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**Application:** In this case, since C.P.(IB)No.180/BB/2018 had already been admitted and Ms.

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s.Dentsu Media…
- **Respondents:** M/s Air Pegasus…

## Timeline

- **2018-01-19 — Case Lis…**: The case was listed for…
- **2018-01-29 — Case Lis…**: The case was listed for…

## 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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