# 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-01061. The case involves an application filed by the Respondent seeking dismissal of the petition…

- **Court:** NCLT
- **Order date:** 10 Oct 2019
- **Citation:** TCN-2019-NCLT-01061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/helios-photo-voltaic-limited-cp-no-ib-154pb-2018-7111e77a

## Summary

### Background

The case involves an application filed by the Respondent seeking dismissal of the petition filed by the Financial Creditor, Oriental Bank of Commerce, against the Corporate Debtor, Helios Photo Voltaic Limited, on the grounds of duplication of claims. The Corporate Insolvency Resolution Process (CIRP) was initiated against Moser Baer India Limited, the 'Corporate Guarantor', on 14.11.2017, under Section 7 of the Insolvency and Bankruptcy Code, 2016, 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,

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## Facts

Oriental Bank of Commerce (Financial Creditor) filed a petition against Helios Photo Voltaic Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Respondent filed an application seeking dismissal of the petition, citing duplication of claims. The Corporate Insolvency Resolution Process (CIRP) was initiated against Moser Baer India Limited (Corporate Guarantor) on 14.11.2017. Alchemist Asset Reconstruction Company Limited filed the petition under Section 7 against Moser Baer India Limited. Debendra Singh was appointed as the Interim Resolution Professional, later replaced by Anil Kohli. The CoC decided to liquidate Moser Baer India Limited due to the absence of a resolution plan, approved by the NCLT on 20.09.2018. Anil Kohli was

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## Issues and analysis

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

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

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**Reasoning:** The court reasoned that allowing the same claim to be the basis for triggering CIRP in

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**Interpretation:** The legal issue revolves around the interpretation of Section 7 of the

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

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## Parties

- **Judges:** M. M. K…; V.K. SUB…
- **Appellants:** Oriental Bank of…
- **Respondents:** Helios Photo…

## Timeline

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

## 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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