# 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-01199. The case pertains to C.P. (I.B) No. 367/9/NCLT/AHM/2019 before the National Company Law…

- **Court:** NCLT
- **Order date:** 10 Jun 2020
- **Citation:** TCN-2020-NCLT-01199
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/honest-derivatives-pvt-ltd-cp-ib-no-367-9-ncl-ahm-2018-a7bd1737

## Summary

### Background

The case pertains to C.P. (I.B) No. 367/9/NCLT/AHM/2019 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The matter involves S N Tradelink Pvt Ltd as the operational creditor and Honest Derivatives Pvt Ltd as the corporate debtor. The hearing was conducted through video conferencing. The Corporate Debtor's counsel informed the court that an admission order 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 C.P. (I.B) No. 367/9/NCLT/AHM/2019. S N Tradelink Pvt Ltd is the operational creditor, and Honest Derivatives Pvt Ltd is the corporate debtor. The hearing was conducted via video conferencing. The Corporate Debtor's counsel informed the court that an admission order had already been passed against the same Corporate Debtor in the matter of Solartex India Pvt. Ltd. v/s. Honest Derivatives Pvt ltd. in CP(IB) No. 393/9/NCLT/AHM/2018 on 28.05.2020. This prior admission order is a crucial fact, as it influenced the court's decision to dispose of the current proceeding. The Operational Creditor is given the liberty to approach the IRP/RP in the other proceeding for their claim. The Operational Creditor retains the right to revive the current proceeding if

…

## Issues and analysis

### Issue 1: Whether the current proceeding should be continued given that an admission order has already been …

**Ratio:** When an admission order has already been passed against a Corporate Debtor in another

…

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

…

**Interpretation:** This legal issue involves the interpretation of insolvency laws and the

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

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

## Timeline

- **2020-05-28 — Admission…**: An admission order was passed against Honest Derivatives Pvt Ltd in CP(IB) No.…
- **2020-06-10 — Order Da…**: The NCLT, Ahmedabad Bench disposed of CP(IB) 367/9/NCLT/AHM/2019, granting the…

## 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)

---

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/honest-derivatives-pvt-ltd-cp-ib-no-367-9-ncl-ahm-2018-a7bd1737