# In the matter of Helios Photo Voltaic Limited C.P. No. IB-154(PB)-2018

> NCLT judgment dated 2019-10-10. Citation: TCN-2019-NCLT-01053. The case involves an application filed by the Respondent seeking dismissal of the petition due…

- **Court:** NCLT
- **Order date:** 10 Oct 2019
- **Citation:** TCN-2019-NCLT-01053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/helios-photo-voltaic-limited-cp-no-ib-154pb-2018-15051fea

## Summary

### Background

The case involves an application filed by the Respondent seeking dismissal of the petition due to duplication of claims by the Financial Creditor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Moser Baer India Limited (Corporate Guarantor) on 2017-11-14, based on a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Alchemist Asset Reconstruction Company Limited. Debendra Singh was appointed as the Interim Resolution Professional. Subsequently, Anil Kohli replaced Debendra Singh as the Resolution Professional. The Committee of Creditors (CoC) decided to liquidate Moser Baer India Limited due to the absence of a resolution plan, which was approved by the NCLT on 2018-09-20. Anil Kohli was appointed as the Liquidator.

## Facts

Oriental Bank of Commerce (Financial Creditor/Applicant) filed a petition against Helios Photo Voltaic Limited (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Respondent filed an application seeking dismissal of the petition, arguing that the claim was a duplication of a claim already filed against Moser Baer India Limited (Corporate Guarantor). The CIRP against Moser Baer India Limited was initiated on 2017-11-14, and liquidation was ordered on 2018-09-20. Oriental Bank of Commerce had already lodged its claim with the Liquidator of Moser Baer India Limited, which was admitted. The Financial Creditor argued that it was treated as an unsecured creditor in the liquidation proceedings of Moser Baer India Limited, while it is

…

## Issues and analysis

### Issue 1: Whether the same claim can be made the basis for filing a petition under Section 7 of the Code for …

**Ratio:** A second application by the same Financial Creditor for the same set of claim and default

…

**Reasoning:** The court reasoned that allowing the petition would lead to duplication of claims and

…

**Interpretation:** The legal issue revolves around whether a financial creditor can initiate CIRP

…

**Application:** In this case, Oriental Bank of Commerce had already lodged its claim with the

…

## Parties

- **Judges:** M. M. K…; V.K. SUB…
- **Appellants:** Oriental Bank of…
- **Respondents:** Helios Photo…
- **Advocates:** Saran…; Seem…; +3 more

## Timeline

- **2017-11-14 — CIRP Initiation against…**: Corporate Insolvency Resolution Process was initiated against Moser Baer India Limited…
- **2018-08-10 — Change of Resolution…**: Anil Kohli replaced Debendra Singh…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/helios-photo-voltaic-limited-cp-no-ib-154pb-2018-15051fea