# In the matter of BRG Iron & Steel Co. Pvt. Ltd. CP(IB)No. 1327-KB-2018

> NCLT judgment dated 2019-05-15. Citation: TCN-2019-NCLT-03294. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 15 May 2019
- **Citation:** TCN-2019-NCLT-03294
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/brg-iron-steel-co-pvt-ltd-cpibno-1327-kb-2018-9eed1585

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Operational Creditor, Mr. Satya Narayan Agarwal, Director of Salasar Bright Bar Pvt. Ltd., appeared in person due to a strike. The Corporate Debtor is undergoing Corporate Insolvency Resolution Process (CIRP) as per an order dated 2019-05-03 in CP(IB) No. 513/KB/2018.

## Facts

Mr. Satya Narayan Agarwal, Director of Salasar Bright Bar Pvt. Ltd., the Operational Creditor, appeared in person due to a strike by the Bar. The Corporate Debtor, BRG Iron & Steel Co. Pvt. Ltd., is undergoing CIRP as per an order dated 2019-05-03 in CP(IB) No. 513/KB/2018. The Operational Creditor has already submitted a claim to the Resolution Professional appointed in CP(IB) No. 513/KB/2018 and does not wish to proceed with the current application (C.P. (IB) No. 1327/KB/2018).

## Issues and analysis

### Issue 1: Whether the application C.P. (IB) No. 1327/KB/2018 should be disposed of given that the Corporate …

**Ratio:** When a Corporate Debtor is already undergoing CIRP, and the Operational Creditor has

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**Reasoning:** The court reasoned that since the Corporate Debtor is already undergoing CIRP and the

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**Interpretation:** This interpretation aligns with the objective of the IBC to consolidate claims

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**Application:** The court applied this principle by disposing of the application C.P. (IB) No.

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Salasar Bright…
- **Respondents:** BRG Iron & Steel…; BRG Iron & Steel…

## Timeline

- **2019-05-15 — Hearing…**: Hearing on 15th May,…
- **2019-05-03 — CIRP Orde…**: Order date for CIRP in…

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