# In the  matter of K-Mark Bizsol Pvt. Ltd. CP(IB) 799 of 2019

> NCLT judgment dated 2021-02-17. Citation: TCN-2021-NCLT-03022. The case was heard and reserved for order on February 10, 2021. The counsel for the Corporate…

- **Court:** NCLT
- **Order date:** 17 Feb 2021
- **Citation:** TCN-2021-NCLT-03022
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/k-mark-bizsol-pvt-ltd-cpib-799-of-2019-159f3e3f

## Summary

### Background

The case was heard and reserved for order on February 10, 2021. The counsel for the Corporate Debtor, Mr. Tirth Nayak, informed the court that a Corporate Insolvency Resolution Process (CIRP) had already been initiated against the same Corporate Debtor, K-Mark Bizsol Pvt Ltd, vide order dated February 15, 2021, in CP(IB) No. 310 of 2020.

## Facts

The case was reserved for order on 2021-02-10. Mr. Tirth Nayak, counsel for the Corporate Debtor, appeared and informed the court that a Corporate Insolvency Resolution Process (CIRP) had already been initiated against K-Mark Bizsol Pvt Ltd, the same Corporate Debtor, via an order dated 2021-02-15 in CP(IB) No. 310 of 2020. Because of this existing CIRP, the present IB Petition was deemed infructuous. The Operational Creditor was granted liberty to approach the IRP/Resolution Professional to lodge its claim, which the Resolution Professional should consider as per the rules. The Operational Creditor was also granted the liberty to revive the proceeding if the CIRP of the Corporate Debtor is set aside. CP(IB) No. 799 of 2019 was disposed of as infructuous.

## Issues and analysis

### Issue 1: Whether the present IB Petition should be disposed of as infructuous due to the prior initiation of …

**Ratio:** When a Corporate Insolvency Resolution Process (CIRP) has already been initiated against

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**Reasoning:** The court reasoned that since a CIRP was already underway against K-Mark Bizsol Pvt Ltd,

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**Interpretation:** This interpretation clarifies that the initiation of a CIRP takes precedence,

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**Application:** In this case, the court applied the ratio by disposing of the present IB

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Symbosa Cranito…
- **Respondents:** K-Mark Bizsol Pvt…
- **Advocates:** Tirth N…

## Timeline

- **2021-02-10 — Case Reserved…**: The case was heard and…
- **2021-02-15 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against K-Mark Bizsol Pvt Ltd vide…

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