Magma Fincorp Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor of Amrapali Infrastructure Pvt. Ltd. The claimed financial debt amounted to Rs. 1,11,50,922/-, which Magma Fincorp asserted was recoverable and in default. However, the NCLT noted that another insolvency petition filed by Bank of Baroda against Amrapali Infrastructure Private Limited had already been admitted. The court considered the fact that a second insolvency process cannot be initiated against a corporate debtor already undergoing a corporate insolvency resolution process.

Magma Fincorp Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor of Amrapali Infrastructure Pvt. Ltd. The claimed financial debt amounted to Rs. 1,11,50,922/-, which Magma Fincorp asserted was recoverable and in default. However, the NCLT noted that another insolvency petition filed by Bank of Baroda against Amrapali Infrastructure Private Limited had already been admitted. The court considered the fact that a second insolvency process cannot be initiated against a corporate debtor already undergoing a corporate insolvency resolution process.