# In the matter of Honest Derivatives Pvt. Ltd. C.P. (I.B) No. 367-9-NCL-AHM-2018

> NCLT judgment dated 2020-06-10. Citation: TCN-2020-NCLT-01197. The case involves C.P. (I.B) No. 367/9/NCLT/AHM/2019 before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 10 Jun 2020
- **Citation:** TCN-2020-NCLT-01197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/honest-derivatives-pvt-ltd-cp-ib-no-367-9-ncl-ahm-2018-00bd9f2c

## Summary

### Background

The case involves C.P. (I.B) No. 367/9/NCLT/AHM/2019 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The matter was heard through video conferencing. The case pertains to S N Tradelink Pvt Ltd v/s Honest Derivatives Pvt Ltd, under Section 9 of the Insolvency and Bankruptcy Code. The counsel for the Corporate Debtor informed the court that an order of admission had already been passed against the same Corporate Debtor in another case, Solartex India Pvt. Ltd. v/s. Honest Derivatives Pvt ltd. in CP(IB) No. 393/9/NCLT/AHM/2018.

## Facts

The case involves S N Tradelink Pvt Ltd as the operational creditor and Honest Derivatives Pvt Ltd as the corporate debtor. The application was filed under Section 9 of the Insolvency and Bankruptcy Code. During the proceedings, the counsel for the corporate debtor informed the court that an order of admission had already been passed against the same corporate debtor in another case, Solartex India Pvt. Ltd. v/s. Honest Derivatives Pvt ltd. in CP(IB) No. 393/9/NCLT/AHM/2018. This prior admission order significantly impacted the current case, leading the court to dispose of the current proceeding.

## Issues and analysis

### Issue 1: Whether CP(IB) 367/9/NCLT/AHM/2019 should be disposed of, given that an order of admission has …

**Ratio:** When an order of admission has already been passed against a corporate debtor in one

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**Reasoning:** The court reasoned that since an order of admission had already been passed against the

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**Interpretation:** The legal principle is interpreted to mean that when a corporate debtor is

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**Application:** In this case, the court applied the ratio by disposing of CP(IB)

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** S N Tradelink Pvt…
- **Respondents:** Honest Derivatives…
- **Advocates:** Pavan God…; Aditya…

## Timeline

- **2020-06-10 — Hearing…**: Attendance-cum-order sheet of the hearing through video conferencing before the National…
- **2020-05-28 — Order in CP(IB) No.…**: Order of admission passed against the same Corporate Debtor in the matter of i.e.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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