# In the matter of IBD Universal Private Limited C.P. No. 1257(ND)-2019

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02532. The Alchemist Asset Reconstruction Company Private Limited, as a financial creditor/applicant,…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02532
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ibd-universal-private-limited-cp-no-1257nd-2019-36179f4a

## Summary

### Background

The Alchemist Asset Reconstruction Company Private Limited, as a financial creditor/applicant, filed a petition against IBD Universal Private Limited, the corporate debtor/respondent, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed despite the fact that another petition against the principal debtor/borrower, NIIL Infrastructure Private Limited, had already been admitted on 28.03.2018. The present petition is filed against the corporate guarantor.

## Facts

Alchemist Asset Reconstruction Company Private Limited filed a petition against IBD Universal Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. NIIL Infrastructure Private Limited, the principal debtor/borrower, already had a petition admitted against it. Alchemist Asset Reconstruction Company Private Limited had already lodged its claim with Ms. Nisha Malpani, the Resolution Professional of NIIL Infrastructures Private Limited. The claim was for Rs. 243,493,878. The court considered whether the same claim could be the basis for filing a petition under Section 7 of the Code. The court noted that the claim had already been collated and admitted in the proceedings against NIIL Infrastructures Private Limited.

## Issues and analysis

### Issue 1: Whether the self-same claim, already lodged by the petitioner with the Resolution Professional of …

**Ratio:** Once a claim is admitted against one corporate debtor, a second application by the same

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**Reasoning:** The court relied on the decision in Piramal Enterprises Ltd., Company Appeal (AT)

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**Interpretation:** The court interpreted the law to mean that a financial creditor cannot file

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**Application:** The court applied the ratio to the facts of the case, noting that Alchemist

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## Parties

- **Judges:** M. M. K…; Saroj Ra…
- **Appellants:** Alchemist Asset…
- **Respondents:** IBD Universal…

## Timeline

- **2018-03-28 — Admission of…**: Another petition against the principal debtor/borrower, NIIL Infrastructure Private…
- **2020-01-03 — Judgment De…**: The court delivered the judgment dismissing the petition filed by Alchemist Asset…

## 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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