The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a corporate debtor. However, another Corporate Insolvency Resolution Process (CIRP) had already been initiated against the same corporate debtor, namely Reliance Commercial Finance Limited v. Dev Polyplast Private Limited, vide order dated 26.02.2019. Section 11 of the Code, 2016, prohibits the initiation of another CIRP against a corporate debtor already undergoing one.
M/s. BS Global filed a petition against Dev Polyplast Pvt. Ltd. under Section 9 of the IBC, 2016. However, Reliance Commercial Finance Limited had already initiated a CIRP against Dev Polyplast Private Limited, and the petition was admitted on 26.02.2019. Section 11 of the IBC, 2016, prohibits the initiation of another CIRP against a corporate debtor already undergoing one. The Insolvency Professional for the ongoing CIRP is Mr. Shailendra Singh. The current petition was therefore rendered infructuous.
Sign in to view the parties.
Reliance Commercial Finance Limited initiated a…
The Insolvency and…
The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a corporate debtor. However, another Corporate Insolvency Resolution Process (CIRP) had already been initiated against the same corporate debtor, namely Reliance Commercial Finance Limited v. Dev Polyplast Private Limited, vide order dated 26.02.2019. Section 11 of the Code, 2016, prohibits the initiation of another CIRP against a corporate debtor already undergoing one.
M/s. BS Global filed a petition against Dev Polyplast Pvt. Ltd. under Section 9 of the IBC, 2016. However, Reliance Commercial Finance Limited had already initiated a CIRP against Dev Polyplast Private Limited, and the petition was admitted on 26.02.2019. Section 11 of the IBC, 2016, prohibits the initiation of another CIRP against a corporate debtor already undergoing one. The Insolvency Professional for the ongoing CIRP is Mr. Shailendra Singh. The current petition was therefore rendered infructuous.
Reliance Commercial Finance Limited initiated a…
The Insolvency and…