# In the matter of Amiprabhu developers Pvt. Ltd. (IB)-106(PB)-2019

> NCLT judgment dated 2019-03-28. Citation: TCN-2019-NCLT-04280. The case involves a petition filed by Paisalo Digital Ltd. (financial creditor) against…

- **Court:** NCLT
- **Order date:** 28 Mar 2019
- **Citation:** TCN-2019-NCLT-04280
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amiprabhu-developers-pvt-ltd-ib-106pb-2019-000330d6

## Summary

### Background

The case involves a petition filed by Paisalo Digital Ltd. (financial creditor) against Amiprabhu Developers Pvt. Ltd. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code. Another petition against the principal debtor, Prabhu Shanti Real Estate Pvt. Ltd., had already been admitted. The present petition is against the corporate guarantor.

## Facts

Paisalo Digital Ltd. filed a petition against Amiprabhu Developers Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, acting as a financial creditor. Amiprabhu Developers Pvt. Ltd. is the corporate guarantor. Previously, a petition against Prabhu Shanti Real Estate Pvt. Ltd., the principal debtor, had already been admitted. The Hon'ble Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 347/2018 decided on 08.01.2019, that a second petition for the same claim and default is not maintainable if one petition against either the principal borrower or corporate guarantor has already been admitted. The current petition was filed against the corporate guarantor.

## Issues and analysis

### Issue 1: Whether a second application under Section 7 of the Insolvency and Bankruptcy Code is maintainable …

**Ratio:** Once an application under Section 7 filed by the 'Financial Creditor' is admitted against

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**Reasoning:** The court relied on the decision of the Hon'ble Appellate Tribunal in Company Appeal (AT)

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**Interpretation:** The interpretation of Section 7 of the Insolvency and Bankruptcy Code, as

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**Application:** In this case, since a petition against the principal debtor, Prabhu Shanti Real

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Paisalo Digital…
- **Respondents:** Amiprabhu…
- **Advocates:** P. Na…; Harshal…; +4 more

## Timeline

- **2018-06-13 — Admission of…**: A petition against Prabhu Shanti…
- **2019-01-08 — Appellate Tribu…**: The Hon'ble Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 347/2018 decided…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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